Hailstone Labs Invests in Leading InsurTech Company OneDegree to Facilitate Digital Asset Legalization

HONG KONG, 18 July 2023 – Hailstone Labs, a Hong Kong based Web3 venture studio, announced a strategic investment in OneDegree Group, a leading InsurTech company with business across Asia.

For the past two years, Hailstone Labs and the OneDegree Group have collaborated with the Society of Actuaries (SOA) to conduct fundamental research on Web 3.0 risk taxonomy, with an aim to revolutionize the digital asset insurance industry. As a result of Hong Kong's latest policy developments in the blockchain and Web 3.0 fields, obtaining insurance has become a requirement for centralized digital asset firms to operate in Hong Kong and to maintain their status as a regulated entity. With the assistance of its in-house cybersecurity experts, OneInfinity, the digital asset insurance product line of the OneDegree Group, will provide tailored risk management solutions to assist digital asset service providers to help safeguard against a variety of security incidents.

"We are excited to invest in the OneDegree Group, the pioneer of digital asset insurance," said Raymond Wong, CEO of Hailstone Labs. Hailstone Labs aims to become Asia's leading Web 3.0 company, and this partnership paves the road for building the best Web 3.0 infrastructure framework.

Alvin Kwock, 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."

Hong Kong is well positioned to be an international leader in digital economy and digital finance. The two parties are working together to revolutionize the digitization of assets and industrialization of numbers and data. This collaboration aims to establish standards, facilitate blockchain technological advancements and development talents in the Web 3.0 sector.