OneDegree Group announced it achieved profitability for the first time in the third quarter of 2024, driven by its digital asset protection and pet insurance products.
The company said that its focus on product innovation and technology automation has allowed it to scale and reach profitability while maintaining a stable workforce.
OneInfinity, OneDegree’s digital assets division, has worked with regulators in Asia, the Middle East, and Europe to help establish consumer protection standards in key digital asset markets. This collaboration has been ongoing for the past three years.
In Hong Kong, OneInfinity insures ten of the thirteen virtual asset trading platforms.
Recently, the company launched MAMORI.AI, an AI-powered Web 3.0 risk intelligence platform and plans to introduce products for stablecoins in the fourth quarter of 2024.
Cymetrics, OneDegree’s AI and cybersecurity arm, has seen strong revenue growth in the growing AI safety and cybersecurity sector, achieving 300% year-on-year revenue growth in 2023.
It offers cybersecurity solutions, such as automated vulnerability assessment tools, and has also launched a platform to evaluate AI models for vulnerabilities and responsible AI compliance.
The company’s pet insurance products, including the “Pet CEO Plan,” have grown significantly with the rise in pet ownership following the COVID-19 pandemic.
OneDegree was the first to launch a Pet Critical Illness Plan, which contributed to its revenue growth.
“Our achievement of operating profit in Q3 2024 showcases our strategic focus on innovative product development and operational efficiency.
We are committed to providing a security layer for future mega trends while ensuring responsible innovation that creates value and protects consumer rights,”
said Alvin Kwock, Co-founder, OneDegree Group.
“As we continue expanding our global market presence, we remain focused on strong unit economics to ensure the sustainability of our business.
Our priority is delivering value not only to our customers but also to our partners and investors, and staying ahead of the innovation curve,”
said Alex Leung, Co-founder, OneDegree Group.
Featured image: OneDegree Group’s co-founders Alvin Kwock (left) and Alex Leung (right).
