OneDegree announces multi-year partnership with Munich Re
Hong Kong-based digital insurer OneDegree has entered into a three-year strategic partnership with Munich Re to launch OneInfinity, a digital asset insurance product.
OneInfinity is an insurance and technology product offering designed for digital asset trading platforms, custodians, asset managers and technology providers. Under this partnership, Munich Re will provide reinsurance capacity and support OneDegree’s technical underwriting. The partners also commit to building modeling capabilities based on OneDegree’s “unique CeFi and DeFi incident database” to support future product innovation.
OneInfinity bundles insurance protection with cybersecurity powered by Cymetrics, a Taiwanese startup which helps companies examine cyber, blockchain and digital asset risks. Cymetrics has a history with OneDegree – in 2020 the cybersecurity provider helped the digital insurer pass a security review and obtain its internet insurance license.
“We are delighted to work closely with Munich Re to offer OneInfinity, a market-leading digital asset insurance product. Digital asset insurance is set to be the gold standard serving the Web3 community. Regulated insurance coverage is a strong signaling effect that supports trust and credibility of the insured entities. OneDegree is privileged to be Asia’s first insurer to contribute to the secure and compliant development of Web3.” – Alvin Kwock, co-founder of OneDegree.
“This partnership is a game changer. With Munich Re’s support, OneInfinity offers much needed protection to the Web3 community. More importantly, both OneDegree and Munich Re have invested resources in building a digital asset native team and now we will join hands to deepen and broaden our understanding of the full spectrum of risks relating to end-to-end digital asset operations. We are confident that the partnership will contribute to establishing best practice in risk management for the digital asset industry. By doing so, we believe our product and technology offerings will be another step forward in enabling the fast-growing digital asset industry to unlock value and potential.” – Helen Ye, chief commercial officer of OneDegree.
“We are looking forward to teaming up with OneDegree as a key partner for our digital asset initiative. OneDegree is a digital native insurance player, that is part of an innovative group of tech companies. Accordingly, this partnership allows us to be optimally positioned to serve the important and expanding digital asset market.” – Greg Barats, senior executive at Munich Re and President & CEO of HSB, a Munich Re Group.