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Iran Debuts Bitcoin-Backed Hormuz Ship Insurance, Targets $10B

5/21/2026

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Summary

Iran Launches HormuzSafe

Iran launched Hormuz Safe, a Bitcoin-backed insurance service for ships in the Strait of Hormuz.
Hormuz Safe provides cryptographically verifiable policies with premiums and claims settled in Bitcoin.
Officials say the scheme could earn over $10 billion for Iran, with some vessels paying up to $2 million per transit.
The launch coincided with the Persian Gulf Strait Authority to manage traffic after over 1,500 vessels were trapped in early May.

Summary

Iran Targets Cables

Tehran plans to levy licensing fees on undersea cables crossing the Strait of Hormuz, targeting Google, Meta, Amazon and Microsoft.
Only the Falcon and Gulf Bridge International cables lie in Iranian waters, while the others run through Omani jurisdiction.
Projected revenue could reach €13 billion, though scholars argue the scheme is weak because international law protects cable freedom and sanctions block payments.

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Iran Launches HormuzSafe

Iran launched Hormuz Safe, a Bitcoin-backed insurance service for ships in the Strait of Hormuz.
Hormuz Safe provides cryptographically verifiable policies with premiums and claims settled in Bitcoin.
Officials say the scheme could earn over $10 billion for Iran, with some vessels paying up to $2 million per transit.
The launch coincided with the Persian Gulf Strait Authority to manage traffic after over 1,500 vessels were trapped in early May.

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