Hailstone Labs has invested in Hong Kong insurtech OneDegree with the primary goal of establishing industry standards and promoting the advancement of blockchain technology.
With Hong Kong’s recent policy advancements in the digital asset and insurance sectors, centralised digital asset firms in the region are now required to secure insurance coverage to maintain their operations and regulatory compliance.
OneInfinity, the digital asset insurance product line of the OneDegree Group, is well-positioned to offer tailored risk management solutions, complemented by their in-house cybersecurity experts, providing digital asset service providers with comprehensive protection against a broad range of security incidents
The new partnership aims to streamline the process of digital asset legalisation, leveraging the expertise and resources of both companies to foster innovation and growth in the insurance sector.
“Contrary to conventional insurers who are hesitant to take on more risks, we possess cross disciplinary expertise across insurance, blockchain, cyber security and Web3 operations that allows us to understand the nature of risks associated with digital assets,” said Alvin Kwock, Co-founder and CEO at OneDegree Group.
The amount invested by Hailstone Labs in OneDegree was not made public.
A partnership years in the making
The collaboration of both entities with the Society of Actuaries (SOA) for about two years led to groundbreaking research in Web 3.0 risk taxonomy, contributing to the transformation of the digital asset insurance landscape in China´s special administrative region.
“We are excited to invest in the OneDegree Group, the pioneer of digital asset insurance,” said Raymond Wong, CEO at Hailstone Labs.
Hailstone Labs is dedicated to nurturing and constructing Web 3.0 projects and applications, aiming to democratize economic opportunities for individuals across the globe.
“We are thrilled to work with Hailstone Labs, which is a legitimate innovator in the market, to facilitate the growth of the blockchain industry and bring a positive impact to this promising field,” Kwock said.
An Insurtech Powerhouse
OneDegree Group was established in 2016, and boasts a strong presence in various Asian markets, offering an array of insurance products, from pet insurance to fire, home, and medical coverage.
Their recent introductions, IXT and Cymetrics, are some of their innovations in the insurance industry. IXT, an advanced insurance core system, caters to the specific needs of insurers and intermediaries, streamlining their operations, while Cymetrics stands as a cutting-edge cybersecurity solution, and elevates the security measures of insurance companies, safeguarding them against emerging threats.
