Hong Kong-based global insurance company OneDegree has announced that it will begin to serve in the crypto money sector.
In a statement made today, it was announced that the Hong Kong Bitcoin Exchange (HKbitEX) and ON1ON’s cryptocurrency storage platforms are protected and insured.
OneDegree stated that it has insured $100 million worth of digital assets under the custody of HKbitEX, and they are the first Asia-based insurance provider in this regard.
Emphasizing that the demand for insurance for digital assets is increasing, it was stated that the market will gradually expand.
The insurance service covers risks such as physical damage to wallets that may occur naturally and cyber attacks from outside. The inclusion of investors’ funds among the insured funds will allow users to compensate their losses in case of a possible attack.
Making a statement on the subject, HKbitEX co-founder Ken Lo stated that such assurances should be provided for more asset managers and institutional investors to enter the sector.
Hong Kong, which has an important role in the financial world, has always managed to be one step ahead for the development of the crypto money industry. Industry-leading platforms such as FTX and Crypto.com were born in Hong Kong.