Insurance and risk management for digital assets will boost investor confidence, according to OneDegree.
A major Asian insurer has ventured into the world of Bitcoin ( BTC ), in an attempt to provide a model for other companies in the sector.
Multi- line insurance company OneDegree announced Thursday that it is partnering with the Hong Kong Bitcoin Exchange (HKbitEX) to offer protection to the latter's custody platform ON1ON. OneDegree Claims to be Asia-based First Digital Asset Insurance Provider; secured $ 100 million in digital assets in the custody of HKbitEX.
The demand for insurance for digital assets is growing and insurance and risk management for digital assets will boost investor confidence and help market development , according to OneDegree.
Third-party insurance covers physical damage to wallets caused by natural events, cybersecurity risks, such as external hacking or malware attacks, and intentional or fraudulent acts by employees.
Following the announcement, HKbitEX co-founder Ken Lo stated that he wants there to be more institutional cryptocurrency investments . Continuous:
"With more than 1,800 licensed asset managers, Hong Kong is home to more than $ 3 trillion in assets under management. We want to help asset managers enter this market in a way that also enables them to meet their fiduciary obligations to their end investors."
The company said it is creating more technology solutions to help cryptocurrency development market participants avoid risk. In addition to its internal cybersecurity platform Cymetrics, the tools will help clients assess and manage their cyber risk , according to the company.
As reported, the Hong Kong Securities and Futures Commission is currently reviewing the rules covering virtual currency transactions , including the ability for individuals to invest in crypto-related exchange-traded funds.
Hong Kong is one of the most important and prominent financial centers in the world. It has had a significant impact on development of cryptocurrency innovation. For example, the city-state has spawned some of the best-known and most successful cryptocurrency companies to date, such as cryptocurrency derivatives exchange FTX and digital asset platform Crypto.com.
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