Hong Kong virtual insurer OneDegree widens cryptocurrency coverage to NFTs, signs three-year deal with Munich Re
- Firm enters three-year partnership with Munich-based reinsurer to expand its OneInfinity cryptocurrency insurance service to clients such as firms dealing with NFTs, asset managers and banks
- A growing number of coverage providers are considering expanding their underwriting capacity for the metaverse and digital assets, OneDegree CEO says
Hong Kong virtual insurer OneDegree has partnered with Munich Re to cover a wider array of digital assets, amid expectations of more demand from non-fungible token (NFT) holders seeking protection against hacks and theft.
“With more attention being paid to the metaverse and digital assets, a growing number of coverage providers are considering expanding their [underwriting] capacity for these sectors,” Kwock told the Post.
The first insurer in Asia to offer such a service, the company said at the time that it was necessary for more insurers to participate in the market if the underwriting standards and risk management framework for cryptocurrencies, whose market capitalisation stood at US$2.1 trillion after a span of just 13 years, were to develop properly.
OneDegree is currently in discussions with potential clients that included “an NFT conglomerate, a number of asset managers with digital assets in their investment portfolios”, and a custodial service provider that specialises in digital assets, Kwock said without giving any names.