OneDegree collaborates with HKbitEX to cover digital assets

The insurer claims it is the first Asian insurer to do so.

Multi-line insurer OneDegree Hong Kong has partnered with digital asset exchange HKbitEX to offer cover for the latter’s sister company ON1ON.

Under the partnership, OneDegree covers private key loss and misappropriation due to physical damage to wallets caused by natural events, cybersecurity threats and employee theft.

“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,” Alvin Kwock, co-founder of OneDegree said.

A total of $100m of digital assets under management will be protected under the partnership. According to OneDegree they are the first insurer headquartered in Asia to provide coverage for digital assets.