Hailstone Labs invests in OneDegree Group to foster digital asset legalisation

Hailstone Labs, a Hong Kong-based Web3 venture studio, has invested strategically in Insurtech company OneDegree Group to facilitate digital asset legalisation.

The two parties will work together to revolutionise the digitisation of assets and industrialisation of numbers and data. This collaboration aims to establish standards, facilitate blockchain technological advancements and development talents in the Web3 sector.

Upon the partnership, Hailstone Labs aims to become one of Asia's leading Web3 companies, and this partnership paves the road for building one of the best Web3 infrastructure frameworks.

Commenting on the partnership, Raymond Wong (pictured middle), CEO of Haistone Labs, said: "We are excited to invest in the OneDegree Group, the pioneer of digital asset insurance.”

Meanwhile, Alvin Kwock (pictured left), co-founder and CEO of the OneDegree Group added, "Contrary to conventional insurers who are hesitant to take on more risks, we possess cross disciplinary expertise across insurance, blockchain, cyber security and Web3 operations that allows us to understand the nature of risks associated with digital assets.”

“We are thrilled to work with Hailstone Labs, which is a legitimate innovator in the market, to facilitate the growth of the blockchain industry and bring a positive impact to this promising field,” he added.

Over the past two years, Hailstone Labs and the OneDegree Group have collaborated with the Society of Actuaries (SOA) to conduct fundamental research on Web3 risk taxonomy, with an aim to revolutionise the digital asset insurance industry.

As a result of Hong Kong's latest policy developments in the blockchain and Web3 fields, obtaining insurance has become a requirement for centralised digital asset firms to operate in Hong Kong and to maintain their status as a regulated entity, said the release.

MARKETING-INTERACTIVE has reached out to OneDegree for more information. 

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