Iran Launches Bitcoin-Backed Insurance Service For Strait Of Hormuz Shipping, Eyes $10B In Revenue

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Bitcoin Magazine Editorial

(01:17 PM UTC)

1 min read

Updated byDavid Kim

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Iran is reportedly launching a bitcoin-settled maritime insurance platform called Hormuz Safe, targeting cargo owners and shipping companies that transit the Strait of Hormuz and Persian Gulf — and projecting more than $10 billion in revenue for the Islamic Republic.

The platform, backed by Iran’s Ministry of Economy and Financial Affairs, was first reported by the IRGC-affiliated Fars News…