Onedegree, a virtual insurer based in Hong Kong, will provide insurance services for digital assets as part of a partnership with a local cryptocurrency exchange. By working together, the two firms hope to alleviate concerns discouraging potential investors from entering the crypto market.
Onedegree to Underwrite Insurance Policies for Crypto Assets
Hong Kong has several licensed providers of virtual insurance services and one of them, Onedegree, will now offer up to $100 million in coverage to Hkbitex, a crypto trading platform operating in the global financial hub. The two companies have teamed up to protect clients’ cryptocurrencies entrusted to the exchange against risks such as theft and hacking.
According to a report by the South China Morning Post on Thursday, Onedegree becomes the first insurer to underwrite insurance policies for crypto assets in Asia while few companies around the world offer this kind of service. The available coverage, the publication revealed quoting industry sources, has been estimated at…