Hong Kong’s multi-line insurer OneDegree announced a partnership with digital asset exchange HKbitEX to offer protection for its sister company ON1ON’s custody platform.

The partnership will ensure that US$100 million of digital assets under management will be protected.

OneDegree will cover private key loss and misappropriation due to physical damage to wallets caused by natural events, cybersecurity threats, and employee theft.

The insurer 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.

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.

 

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,

“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.”