April 25, 2022
By Sharan Kaur Phillora
A Hong Kong insurance firm has opened up its coverage to NFTs in partnership with Munich Re – becoming the first insurer in Asia to offer such a service – as the city wrestles with its pandemic-induced “isolated status”.
Here’s what we know:
OneDegree, one of four virtual insurers in the global financial hub, has entered a three-year partnership with German reinsurer Munich Re to expand OneInfinity cryptocurrency insurance service to clients such as firms dealing with NFTs, asset managers and banks, said Alvin Kwock Yin-lun, OneDegree’s co-founder and CEO.
The insurer debuted its cryptocurrency division in November last year, after providing the Hong Kong Digital Asset Exchange with some US $12.7m (£9.8m) in coverage.
“With more attention being paid to the metaverse and digital assets, a growing number of coverage providers are considering expanding their [underwriting] capacity for these sectors,” co-founder and CEO Alvin Kwock Yin-lun, told the South China Morning Post in an interview.
OneDegree is currently in discussions with potential clients that included “an NFT conglomerate, a number of asset managers with digital assets in their investment portfolios”, and a custodial service provider that specializes in digital assets, Kwock said without giving any names.
It comes at a time when Hong Kong businesses are inclined to remind the world of their desirability after strict ‘Zero-Covid’ restrictions quashed growth and accessibility.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.