BlockBeats News, May 18th, according to Bloomberg, Iran has begun to introduce a Bitcoin-based insurance arrangement for ships passing through the Strait of Hormuz to address the current high-risk navigation environment in the strait.

Recently, Iran has launched a maritime insurance platform called "Hormuz Safe," which provides digital insurance services for vessels passing through the Strait of Hormuz and allows for cryptocurrency payments, including Bitcoin.

Against the backdrop of the US-Iran conflict and increased risks in the Hormuz Strait, the war risk premiums for ships have surged. Bloomberg previously reported that the insurance cost for some ships crossing the Strait of Hormuz has now risen to about 5% of the ship's value.