OneDegree, a Hong Kong-based licensed digital asset insurer, has partnered with Saudi Arabia’s Walaa Cooperative Insurance Company to reinsure its market-leading digital asset products worldwide.
OneDegree said the two insurers want to promote Web3’s positive actors and collaborate with authorities to build a stable and sustainable ecosystem.
The statement says MENA is becoming a vibrant Web3 hub. Saudi Arabia has taken steps to boost the Web3 sector as part of Vision 2030.
It should be mentioned that OneDegree introduced OneInfinity three years ago and has since grown to become a major player in Web3 risk management, offering cutting-edge solutions in the areas of insurance, risk monitoring, and cybersecurity.
The company first operates in the Middle East and North Africa (MENA) in 2023, and it collaborates with numerous regional and global companies that use MENA as a starting point for the development of their Web3 enterprises.
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Walaa is viewed by OneDegree as the ideal business partner to help the company with this venture.
“Saudi Arabia is taking a leading role in digital developments in MENA and worldwide. Gaining exposure to digital asset insurance as a reinsurer puts Walaa at the forefront of this development, We identify OneDegree as the perfect partner to help us realize our goals in line with Vision 2030,” said Johnson Varughese, the Chief Executive Officer of Walaa.
Via OneInfinity, They provides tech-enabled risk management and digital asset insurance solutions worldwide.
The firm enhances its clients’ competitive edge by providing insurance to end-to-end digital asset players (such as trading platforms, custodians, asset managers, banks, family offices, and technology providers). This allows them to apply best practices within a strong risk management framework and ensure a safety net for their assets under custody.
Cymetrics, it’s sibling firm, provides best-in-class cybersecurity technology that powers OneInfinity.
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OneInfinity offers corporate liability coverages (cyber, directors and officers, investment management, and professional indemnity) as well as custodial risk insurance (crime and specie) for digital assets.
Robin Scott, General Manager of Middle East of OneDegree, said OneInfinity by OneDegree’s products are empowering leading Web3 companies worldwide to expand their operations securely and in compliance with regulations. Collaborating with Walaa Insurance, OneInfinity by OneDegree aims to enhance support for VASPs in the region and beyond,” he added.
With its headquarters located in the oil-rich Eastern Province of the Kingdom of Saudi Arabia (Al-Khobar), Walaa provides services to customers throughout the Kingdom via its three regional offices and over seventy retail locations.
About OneDegree
OneDegree was founded in 2016 to speed insurance technology and make insurance more accessible. Hong Kong, Taipei, Shenzhen, and Singapore are OneDegree locations. Its multi-line digital insurance covers pet, e-commerce, house, critical illness, and digital assets for individuals and enterprises.
