In an effort to be a model for others in the field, a major Asian insurer has entered Bitcoin (BTC).
OneDegree, a multi-line insurance company, announced Thursday that it has partnered with Hong Kong Bitcoin Exchange to provide protection for ON1ON’s custody platform. OneDegree is the first Asian-based insurance provider that insures digital assets. It has insured $100 million under HKbitEX custody.
OneDegree reports that digital assets are in high demand and there is a growing insurance market. OneDegree says that digital asset insurance and risk management will increase investor confidence and help the market grow.
Third-party insurance protects wallets from physical damage due to natural occurrences and cybersecurity risks like outside hacking or attacks on malware. It also covers employee fraud or intentional acts.
Ken Lo, co-founder of HKbitEX, stated that he would like to see more institutional investment in cryptocurrencies after the announcement. He continued:
Hong Kong has over US$3 Trillion in assets under management, and there are over 1,800 licensed asset mangers. We want to assist asset managers in entering this market so that they can also fulfill their fiduciary obligations to their investors.
According to the company, it is developing more technological solutions that will help crypto market participants avoid risks. According to the company, these tools will help clients assess and manage cyber risks.
According to reports, Hong Kong’s Securities and Futures Commission currently examines rules governing virtual currency transactions. This includes whether individuals can invest crypto-related exchange-traded money.
Hong Kong is a prominent financial hub. It has made a significant contribution to cryptocurrency innovation. The city-state has been home to many of the most successful and well-known crypto companies, such as Crypto.com and FTX, the cryptocurrency derivatives exchange FTX.
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