InsurTech firm OneDegree received strategic funding from Web3 venture studio Hailstone Labs
OneDegree Group, an InsurTech company with operations throughout Asia, has received a strategic investment from Hailstone Labs, a Hong Kong-based Web3 venture studio.
In a joint statement released on Tuesday, the two parties claimed that Hong Kong is well positioned to lead the world in the digital economy and digital finance and that they are working together to revolutionize the industrialization of data and numbers as well as the digitization of assets.
According to the partners, this partnership aims to create standards, promote blockchain technological advancements, and cultivate talent in the Web 3.0 industry.
In an effort to completely transform the digital asset insurance sector, Hailstone Labs and the OneDegree Group have been working with the Society of Actuaries (SOA) over the past two years to conduct fundamental research on Web 3.0 risk taxonomy.
The pair claimed that getting insurance has become necessary for centralized digital asset firms to operate in Hong Kong and to keep their status as a regulated entity as a result of recent policy developments in the blockchain and Web 3.0 fields.
The OneDegree Group’s digital asset insurance product line, they claimed, will offer customized risk management solutions to help digital asset service providers protect against a variety of security incidents with the help of its in-house cybersecurity experts, OneInfinity.
“We are excited to invest in the OneDegree Group, the pioneer of digital asset insurance,” said Raymond Wong, Chief Executive Officer of Hailstone Labs.
According to the statement, this partnership paves the way for developing the best Web 3.0 infrastructure framework. Hailstone Labs aims to become Asia’s leading Web 3.0 company.
Hailstone Labs is a global collective of engineers, designers, operators, and industry veterans with a team of over 60 people spread across 5 countries. With products spanning multiple blockchains and industries, they are revolutionizing the decentralized space.
The business develops and nurtures Web 3.0 initiatives and programs that broaden everyone’s access to economic opportunity.
In order to advance insurance and have a positive influence on customers and businesses, the OneDegree Group was founded in 2016.
The company transforms insurance using cutting-edge technology, cybersecurity, and knowledge of digital assets. It runs a number of businesses both globally and in Asia.
The Hong Kong Insurance Authority has granted direct-to-consumer virtual insurer OneDegree HK a license to provide pet, fire, home, and medical insurance.
