OneDegree Offers Crypto-Linked Insurance
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Hong Kong-based OneDegree has launched a new insurance solution that provides digital asset protection for cryptocurrencies.
Digital insurer OneDegree has partnered with crypto exchange Hong Kong Digital Asset Exchange (HKbitEX) to offer protection for digital currencies, according to a statement.
In its bid to strengthen the exchange’s safety and security for institutional investors, OneDegree will offer up to $100 million in coverage to HKbitEX to cover covering losses from damage, hacking, and theft.
In addition to private key loss, OneDegree will also cover misappropriation due to physical damage to wallets caused by natural events; cybersecurity threats and employee theft.
We have witnessed a very strong inbound demand for insurance to protect against threats to digital assets, said OneDegree co-founder Alvin Kwock.
Questions & Answers
Q.Which specific company will benefit from this new insurance offering from OneDegree?
Which specific company will benefit from this new insurance offering from OneDegree?
OneDegree has partnered with the crypto exchange Hong Kong Digital Asset Exchange (HKbitEX) to offer this protection. The insurance is specifically designed to strengthen HKbitEX's safety and security for its institutional investors.
Q.What is the maximum coverage amount OneDegree is providing for digital asset protection?
What is the maximum coverage amount OneDegree is providing for digital asset protection?
OneDegree will offer coverage up to $100 million to HKbitEX. This is intended to cover losses that may arise from various threats to digital assets, ensuring a significant level of financial protection.
Q.What types of losses are covered by OneDegree's new digital asset protection solution?
What types of losses are covered by OneDegree's new digital asset protection solution?
The insurance covers losses from damage, hacking, and theft. It also includes protection against private key loss, misappropriation due to physical damage from natural events, cybersecurity threats, and employee theft.
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