OneDegree becomes the first Asia-headquartered insurer to bring protection for digital assets

OneDegree Hong Kong, the leading multi-line insurer, announces today a partnership with HKbitEX, a prominent and secured digital asset exchange, to offer protection for its sister company ON1ON’s custody platform. USD100 million of digital assets under management will be protected, making OneDegree Hong Kong the first insurer headquartered in Asia to provide coverage for digital assets. 

Digital assets are fast emerging with sizeable market interest. As one of Asia’s fastest growing InsurTech companies, OneDegree Hong Kong has recognized early the importance of implementing risk management solutions for digital assets to bolster investor confidence and support market development. Covering losses from damage, hacking and theft, OneDegree Hong Kong will fortify HKbitEX’s position as a safe and secure platform for institutional investors to manage their digital assets.

OneDegree Hong Kong covers private key loss and misappropriation due to:

• Physical damage to wallets caused by natural events
• Cybersecurity threats (such as external hacking or malware attacks)
• Employee theft (deliberate and dishonest acts by employees)

Alvin Kwock, Co-Founder of OneDegree, said, “We have witnessed a very strong in-bound demand for insurance to protect against threats to digital assets.  Our unparalleled expertise in insurance, technology and cyber security has allowed us to develop more viable risk management solutions in this rapidly evolving industry than traditional insurance providers. We are the first insurer headquartered in Asia to insure the digital asset industry. With our new product, we are delighted to help digital asset platforms like HKbitEX to stay competitive by providing peace of mind to investors that the platform will have the financial capability to reimburse losses resulting from an insured event.”

Ken Lo, Co-Founder of HKbitEX, adds, “We are thrilled to collaborate with OneDegree Hong Kong, an insurer licensed by Insurance Authority. I am confident the additional and reliable protection OneDegree Hong Kong offers can enhance the experience we are bringing to investors in the emerging digital asset space. I also look forward to working further with OneDegree Hong Kong in our common endeavors to assemble key industry players in the form of a think tank to drive knowledge exchange and development in digital assets.”

OneDegree Hong Kong is actively developing further solutions to provide comprehensive protection to digital asset participants. These solutions, together with an in-house developed enterprise-grade cybersecurity platform Cymetrics, will help clients understand their cyber exposure and manage their cyber risks. For more information about OneDegree Hong Kong’s digital asset insurance, please visit https://digitalasset-insurance.onedegree.hk/en-us.