According to reports, OneDegree Hong Kong Limited (“OneDegree”) reportedly announced today that it has signed up a three-year strategic alliance deal with Munich Re to launch OneInfinity, a digital asset insurance product.
With this, OneDegree becomes the first licensed insurer in Asia to strike a deal with a leading reinsurer to offer digital asset insurance.
OneInfinity is an insurance and technology product offerings which particularly caters to digital asset trading platforms, custodians, asset managers and technology providers.
As a part of this deal, Munich Re will offer reinsurance capacity and assist OneDegree’s technical insuring. Both of these firms also plan on developing modeling capabilities based on OneDegree’s unique CeFi and DeFi incident database to back future product innovation.
OneInfinity stacks OneDegree insurance with Cymetrics’ solutions. Cymetrics ensures companies assess cyber, blockchain and digital asset risks from the viewpoint of hackers and insiders in a flexible and a sharp fashion.
Notably, Cymetrics is a different product offered by the sister company of OneDegree.
Delighted to partner with Munich Re , Alvin Kwock, Co-Founder of OneDegree, said, “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.”
As the adoption of digital assets continued to become more widespread, the global market capital of digital assets had surged to a record high of US$3 trillion by the end of 2021.
However, lack of insurance capacity can put Web3 practitioners at greater risk and obstruct institutional investors’ participation. This ultimately requires the need to underwrite risks related to digital assets. And that’s where OneDegree comes into picture!
Last year too, OneDegree Hong Kong, announced its strategic partnership with HKbitEX, a well-known and safe digital asset exchange, to provide protection for ON1ON’s custody platform.