Hong Kong’s OneDegree has Announced to Offer Crypto Insurance

OneDegree is an investment insurance services provider based in Hong Kong. The insurance company has been planning to expand its horizons for quite some time, and it has set its eyes on the cryptocurrency markets operating in Asia. OneDegree officials have stated their latest upgrade and claimed that the prospect of having insurance back up for digital asset trading is going to increase the confidence of the investors.

This is the first time that OneDegree is venturing into the Bitcoin market and has decided to put its stakes into cryptocurrency trading on a commercial level. OneDegree officials have also told the media that they want to become the first Asian Insurer to create the novel model. If OneDegree can get started with the new venture successfully, other insurance services providers are likely to follow in the footsteps of this organization to take advantage of the growing crypto market in Asia.

OneDegree Partners with Crypto Exchange

The race for supremacy among the cryptocurrency exchange platforms is something to marvel at. This new emerging industry has seen many new players going up and making it to the top. Several smaller exchange platforms are only operating on a regional scale for the time being. However, the DeFi and cryptocurrency markets allow these exchanges to go global if they can attract enough attention from the investors.

The Hong Kong Bitcoin Exchange or HKbitEX is one of the platforms that are still struggling to make a name for itself in this field. By partnering with OneDegree, HKbitEX plans to offer digital investors in Asia an opportunity to trade with a safety net. According to local media outlets, OneDegree is going to cover the ON1ON custody forum operating under the jurisdiction of HKbitEX.

At present, the future for crypto trading is plagued with regulatory uncertainty around the world. The co-founder of HKbitEX, Ken Lo told the media that the company aims to attract more institutional investors for the digital asset market. He also highlighted that at present, Hong Kong asset managers are supporting $3 trillion worth of assets under management. He claimed that with digital asset insurance, the company is planning to allow the asset managers to fulfill their fiduciary duties more efficiently. While the standard insurance covers the destruction of wallets from accidental breakages and natural causes, cyber insurance will be able to assure incidents like hacking attacks, malware, and even fraudulent dealings. Hong Kong is considered one of the most potent and opportune financial markets that have started ventures like FTX and Crypto.com.

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