OneDegree taps into mass adoption of digital assets through launching insurance products

Hong Kong virtual insurer OneDegree has launched a digital asset insurance product amid the mass adoption of digital assets, tapping into the opportunities of the lack of insurance capacity globally.

In collaboration with Munich Re, the insurer has launched OneInfinity, an insurance and technology product offering designed specifically for digital asset trading platforms, custodians, asset managers and technology providers. Under this partnership, Munich Re will provide reinsurance capacity and support OneDegree’s technical underwriting. Munich Re also commits to building modeling capabilities based on OneDegree’s unique CeFi and DeFi incident database to support future product innovation.

OneInfinity bundles OneDegree insurance with Cymetrics’ solutions which is a product offered by a sister company of OneDegree. Cymetrics helps companies examine cyber, blockchain and digital asset risks from the perspective of hackers and insiders in a more agile and flexible way.

"Digital asset insurance is set to be the gold standard serving the Web3 community. Regulated insurance coverage is a strong signaling effect that supports trust and credibility of the insured entities. OneDegree is privileged to be Asia’s first insurer to contribute to the secure and compliant development of Web3," said Alvin Kwock, co-founder of OneDegree.

According to a study conducted by Global Investor Group, the global market value of digital assets surged to a record high of US$3 trillion by the end of 2021. To tap into these opportunities, OneDegree believed that the key strategic priority shared by Web3 builders, operators, participants and policy makers is to build a compliant and secure Web3 ecosystem by establishing and adopting best practices in risk management, adding that the lack of insurance capacity has not only put Web3 practitioners at greater risk but also hampered institutional investors’ participation.

“We are looking forward to teaming up with OneDegree as a key partner for our digital asset initiative. OneDegree is a digital native insurance player, that is part of an innovative group of tech companies. Accordingly, this partnership allows us to be optimally positioned to serve the important and expanding digital asset market," said Greg Barats, senior executive at Munich Re and president and CEO of HSB, a Munich Re group company.

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