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.