A major Asian insurer has ventured into Bitcoin (BTC) in an attempt to provide a model for other businesses in the field.
Multi-line insurance firm OneDegree announced on Thursday that it is partnering with Hong Kong Bitcoin Exchange (HKbitEX) to provide protection for the latter’s ON1ON custody platform. OneDegree claims to be the first Asia-based insurance provider for digital assets, having insured $100 million in digital assets under HKbitEX’s custody.
The insurance demand for digital assets is growing and insurance and risk management for digital assets will boost investor confidence and help the market develop, according to OneDegree.
Third-party insurance covers physical damage to wallets caused by natural occurrences, cybersecurity risks such as outside hacking or malware attacks, and employee intentional or fraudulent acts.
