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- OneDegree, an insurer based in Hong Kong, has secured a deal with one of the largest insurers globally, Munich Re.
- This collaboration will offer a new product named OneInfinity that aims at digital asset trading platforms, custodians, technology providers, and asset managers.
- Digital asset insurance is set to be the gold standard serving the Web3 community, highlights the Co-Founder of OneDegree, Alvin Kwock.
Cryptocurrencies have made a considerable position in the balance sheet of a lot of institutional investors and corporations. And cryptocurrencies’ overall market cap has crossed $2 Trillion. And now, OneDegree, an insurer based in Hong Kong, has secured a deal with one of the largest insurers globally, Munich Re.
This collaboration is to offer a new virtual assets insurance product named OneInfinity, which focuses on digital asset trading platforms, custodians, technology providers, and asset managers.
In the light of this partnership, Munich Re would enable reinsurance, elaborated as insurance on insurance companies. This makes sure that the insurance company stays solvent even in the face of large payouts.
Having the feature of reinsurance is the standard for major infrastructure providers of any assets. But it moves distinctly as it blends in with crypto organizations as the asset class often witnesses cyber attacks.
According to Becky Tam, the General Manager of Digital Asset Insurance in OneDegree, they are thankful to all the industry players from the virtual assets sector, blockchain service providers, and cybersecurity experts to provide them with advice on developing the product. And they are glad to collaborate with Munich Re to bring reinsurance capacity and expertise to answer the ever-growing demand.
She explained that OneDegree runs risk-based analysis covering everything from cyber security and personnel management to operations.
The company hopes to ensure DeFi projects, too, after analyzing and studying the space.
Co-Founder of OneDegree, Alvin Kwock, highlights that Digital asset insurance is set to be the gold standard serving the Web3 community. And that regulated insurance coverage is a strong signaling effect that facilitates trust and credibility of the insured entities.
It is to look forward if insurance for the space would result in confidence from investors and further trust.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
