OneDegree secures funding from Dubai Insurance to offer digital asset insurance

By Delisha Fernandes

OneDegree, a Hong Kong-based licensed insurer for digital assets, has partnered with Dubai Insurance Company to offer digital asset insurance in the United Arab Emirates (UAE).

The new partnership between OneDegree and Dubai Insurance Co. will begin by offering commercial liability insurance, specifically professional indemnity and directors & officers insurance.

The two parties will then work together to seek regulatory approval for further products that are new to the UAE market, especially custodial wallet insurance. Moreover, and as part of the same partnership, Dubai Insurance Co. has made a strategic investment in OneDegree’s Series B funding round.

Alvin Kwock, Co-Founder of OneDegree, said, “We are delighted to partner with Dubai Insurance Co. to bring OneInfinity to the MENA region. OneInfinity products are helping some of the world’s best web3 companies to grow their businesses in a secure and compliant manner. With MENA, and especially the UAE, continuing to grow and attract leading digital asset companies, OneInfinity and Dubai Insurance Co. are a natural fit to identify and support good actors.”

It is noted that Middle East and North Africa (MENA) has been steadily building a reputation as a leading web3 region for many years. Abu Dhabi Global Markets was one of the first jurisdictions to introduce regulations for digital asset companies. Now Dubai has followed suit with the launch of VARA, the world’s first independent digital asset regulator. Thus, OneDegree sees Dubai Insurance, one of the UAE’s leading insurance companies, a perfect partner for the firm

Abdellatif Abuqurah, CEO of Dubai Insurance Co., said, “The UAE is a pioneer in the digital asset space. We are honoured to play our part in this development with our new partner, OneDegree. The OneInfinity products are a perfect complement to our existing business-focused offerings. Dubai Insurance is proud to be UAE’s first national insurance company with many decades of history, but we also pride on our commitment to innovation. By working with OneDegree to bring web3 insurance products to the market, Dubai Insurance Co. will be at the cutting edge of global insurance innovations.”