BlockBeats News, May 18th - According to a report from Fars News Agency, which is associated with the Islamic Revolutionary Guard Corps (IRGC), Iran has launched a digital insurance platform for the Strait of Hormuz and Persian Gulf shipping route, with policies settled in Bitcoin.

The platform, named "Hormuz Safe," aims to provide maritime insurance services for vessels passing through the strategic waterway and surrounding channels. Hormuz Safe is designed to offer Iranian shipping companies and cargo owners a fast, verifiable digital insurance service - paid in Bitcoin and settled at blockchain speed.

According to a document obtained by Fars News Agency, the Iranian Ministry of Economy has been promoting this initiative since April of this year. The report suggests that this framework is expected to generate over $10 billion in revenue for Iran through low-risk insurance products covering ship inspections, detentions, and seizures.

However, The Block has stated that it is currently unable to independently verify whether Hormuz Safe has been officially launched or confirm if any cargo owners have actually used the platform.