As per the latest reports, a major insurance company from Asia is aiming to venture into the cryptocurrency industry. The reports reveal that the famous insurance company is aiming to gain exposure in the largest cryptocurrency in the world, Bitcoin (BTC).
It has been revealed that the Asian insurer is currently in the process of coming up with a strategy involving Bitcoin and holdings of investors. The policy team at the insurance company is working on a model, which would aim to bring businesses towards investing in Bitcoin.
The name of the particular firm is OneDegree, which is a multi-line insurance firm. It was on Thursday, November 11, 2021, when the insurance company made an announcement in regards to its venture into the crypto-verse.
In the announcement, the insurance company has revealed that it has recently formed a partnership with HKbitEX. HKbitEX is a major cryptocurrency exchange that is based in Hong Kong and it deals mainly in Bitcoin.
The insurance company has announced that as a result of the partnership with the exchange, the users of the exchange would have protection on the custody platform. The particular custody platform has been dubbed as ON1ON.
OneDegree now claims that with its latest partnership, it has become the first-ever insurance company to provide insurance for digital assets. Similarly, HKbitEX has also become the first-ever exchange to be providing insurance for cryptocurrency holdings.
The insurance company has revealed that so far, the digital assets it has ensured for the particular exchange are worth $100 million. They are also insured under the ON1ON custody platform provided by HKbitEX.
With the passage of time, the demand for digital assets has been growing tremendously. Due to the spike in demand for cryptocurrencies and digital assets, different companies dealing in finances have been coming up with different solutions.
In the digital assets industry, the most crucial and highly pointed out aspect is the volatility, uncertainty, and full of risk nature of the digital assets.
Therefore, the most sensible and highly efficient solution to tackle this problem is ensuring digital assets. This is where OneDegree has come up with the right solution for the entire cryptocurrency community.
Although the insurance company has begun with a single cryptocurrency exchange dealing in Bitcoin, it may expand its network in the upcoming months.
As the demand for cryptocurrencies continues to grow higher, investors are looking for opportunities for insuring their digital assets. They want to have risk management in place in order to protect their digital assets and cryptocurrencies from harm.
With the worldwide expansion of cryptocurrency adoption, cybercrime has constantly been rising in the sector. This is the reason why it is important for investors to have security for their assets and gains.
