Hong Kong Insurtech OneDegree Expands into Dubai, Targeting Digital Asset Insurance Market

Hong Kong-based virtual insurance firm OneDegree expands its presence in Dubai, fueled by an investment from Dubai Insurance. Recognized by Forbes Asia, OneDegree plans to offer digital asset insurance to businesses in Dubai's cryptocurrency industry, complying with new regulations. CEO Alvin Kwock, a former JPMorgan executive, highlights the company's unique position as Asia's first licensed insurer for digital assets, collaborating with Dubai Insurance to protect users globally.

Following a $55 million Series B financing in June, the additional investment from Dubai Insurance brings OneDegree's total raised funds close to $100 million. The insurtech aims to serve businesses in Dubai, including major cryptocurrency exchanges like OKX and Binance, emphasizing risk management as a crucial aspect in the evolving digital asset sector.

OneDegree has already received requests from top cryptocurrency exchanges globally, servicing about thirty companies. Kwock anticipates having over 100 customers in the digital asset insurance business by the end of 2024, projecting it to contribute around 50% to the company's overall revenue. The move aligns with Dubai's pro-crypto legislation and reflects Hong Kong's strategic commercial connections with the Middle East.

As the cryptocurrency industry shifts its focus to risk management, insurance becomes a prerequisite. OneDegree's expansion into the UAE signifies a strategic move to capitalize on Dubai's growing prominence in the cryptocurrency space, providing essential coverage to businesses navigating the evolving regulatory landscape.