Hong Kong-based insurance agency OneDegree will offer its services to Asian cryptocurrency companies to help market participants avoid risks.
According to the statement, OneDegree is partnering with Hong Kong-based cryptocurrency exchange HKbitEX. The trading platform has already insured $ 100 million of cryptocurrencies to ensure the protection of the depository platform of its subsidiary ON1ON. The insurance company covers damage incurred as a result of hacking or malware attacks, as well as fraudulent activities of employees.
OneDegree builds technology solutions on the Cymetrics cybersecurity platform. These tools will help cryptocurrency companies assess and manage risks. OneDegree founder Alvin Kwock said that the demand for insurance and risk management of cryptocurrencies is growing, and this increases investor confidence and helps the market to develop. He emphasized:
“We have witnessed a very high domestic demand for cryptocurrency insurance. Our unparalleled expertise in insurance, technology and cybersecurity has allowed us to develop more viable risk management solutions in this fast-paced industry than traditional insurance companies. ”
In October, the US Federal Deposit Insurance Corporation announced that it is exploring the possibility of insuring stablecoins. In August, it was reported that Chinese banks are exploring the potential of the digital yuan in insurance and investment.
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