Iran has launched a bitcoin-backed insurance service for shipping companies seeking to transit the Strait of Hormuz, Bloomberg reported Monday, citing Iran’s Fars news agency. 

The platform, dubbed Hormuz Safe, could generate more than $10 billion in revenue for the Islamic Republic, the government told Fars, without offering a time frame or a breakdown of how the service would operate. According to a screenshot of the Hormuz Safe website shared by Fars and cited by Bloomberg, the service will be for “Iranian shipping companies and cargo owners.”

“Cryptographically verifiable insurance policies will be provided for shipments passing through the Persian Gulf, the Strait of Hormuz, and the surrounding waterways, and payments will be settled in Bitcoin,” Fars reported, according to Bloomberg. “The shipment will be covered from the moment of confirmation and signed receipt will be given to the owner.”

Babak Zanjani, an Iranian businessman who made his fortune helping the Islamic Republic evade sanctions, first began promoting an Iranian shipping insurance scheme for the Strait on May 8, Bloomberg reported. Zanjani, who was released from prison last year after his death sentence was commuted, shared the first details of Hormuz Safe with his followers within minutes of the Fars report’s publication. He had previously been arrested for embezzling billions of dollars from Iran’s oil ministry.

Reports on the platform coincided with a statement from an Iranian lawmaker that a professional mechanism to manage traffic through the Strait along a designated route would be unveiled soon, Bloomberg reported.

“Only commercial vessels and parties cooperating with Iran will benefit,” Ebrahim Azizi, head of Iran’s parliamentary commission for national security, said in a statement on X cited by Bloomberg. “The necessary fees will be collected for the specialized services provided under this mechanism.” Parties involved in the U.S.–Israeli war on Iran would be barred from accessing the route, Azizi added.

Esmail Baghaei, the Iranian foreign ministry spokesman, said Monday that Iranian and Omani officials held meetings last week to discuss joint efforts to “develop a mechanism” to provide safe passage for ships transiting the Strait, the news agency said.

More than 1,500 commercial vessels were trapped in the Persian Gulf as of early May, according to U.S. military figures cited in the report. Oil producers in the region have been forced to sharply curtail output as they run out of storage space for their crude.