A major Asian insurer has ventured into Bitcoin (BTC) in an try 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 start Asia-based insurance provider for digital assets, having insured $100 1000000 in digital assets nether HKbitEX's custody.

The insurance need for digital assets is growing and insurance and gamble management for digital assets will boost investor conviction and aid the market develop, according to OneDegree.

3rd-political party insurance covers concrete harm to wallets acquired past natural occurrences, cybersecurity risks such every bit outside hacking or malware attacks, and employee intentional or fraudulent acts.

Following the announcement, HKbitEX co-founder Ken Lo stated that he wants additional institutional investment in cryptocurrencies. He continued:

"With over 1,800 licensed nugget managers, Hong Kong is home to over United states $3 trillion in assets under management. Nosotros want to help asset managers enter this market in means that enable them to besides fulfill their fiduciary duties to their stop investors."

The company said information technology is creating more technological solutions to aid crypto market participants in avoiding risks. In addition to its in-firm cybersecurity platform Cymetrics, the tools will assist clients to assess their cyber take chances and manage information technology, co-ordinate to the firm.

Every bit reported, Hong Kong'south Securities and Futures Commission is currently reviewing rules covering virtual currency transactions, including whether individuals can invest in crypto-related substitution-traded funds.

Hong Kong is one of the world'south well-nigh important and prominent financial hubs. It has had a significant impact on cryptocurrency innovation. For example, the metropolis-state has given birth to some of the most well-known and successful crypto firms to engagement, including the cryptocurrency derivatives exchange FTX and the digital asset platform Crypto.com.