Hong Kong insurer OneDegree announced that it has entered into a three-year strategic partnership with Munich Re to launch OneInfinity, a digital asset insurance product.

OneInfinity is an insurance and technology product offering designed specifically for digital asset trading platforms, custodians, asset managers and technology providers.

Under this partnership, Munich Re will provide reinsurance capacity and support OneDegree’s technical underwriting.

The partners also commit to building modeling capabilities based on OneDegree’s unique centralised finance (CeFi) and decentralised finance (DeFi) incident database to support future product innovation.

OneInfinity bundles OneDegree insurance with Cymetrics’ solutions. Cymetrics helps companies examine cyber, blockchain and digital asset risks from the perspective of hackers and insiders in a more agile and flexible way. Cymetrics is a separate product offered by a sister company of OneDegree.

OneDegree was granted a virtual insurance license by the Hong Kong Insurance Authority in April 2020.

Alvin Kwock, Co-founder of OneDegree said,

“We are delighted to work closely with Munich Re to offer OneInfinity, a market-leading digital asset insurance product. Digital asset insurance is set to be the gold standard serving the Web3 community.

 

Regulated insurance coverage is a strong signaling effect that supports trust and credibility of the insured entities. OneDegree is privileged to be Asia’s first insurer to contribute to the secure and compliant development of Web3.”

Greg Barats, Senior Executive at Munich Re and President and CEO of HSB, a Munich Re Group company, said,

“We are looking forward to teaming up with OneDegree as a key partner for our digital asset initiative.

 

OneDegree is a digital native insurance player, that is part of an innovative group of tech companies. Accordingly, this partnership allows us to be optimally positioned to serve the important and expanding digital asset market.”