Hailstone Labs, a Hong Kong based Web3 venture studio, has announced a strategic investment in OneDegree Group, a InsurTech company with business across Asia.

Both parties said in a statement on Tuesday that Hong Kong is well positioned to be an international leader in digital economy and digital finance, and the two parties are working together to revolutionize the digitization of assets and industrialization of numbers and data.

This collaboration aims to establish standards, facilitate blockchain technological advancements and development talents in the Web 3.0 sector, the duo said.

For the past two years, Hailstone Labs and the OneDegree Group have collaborated with the Society of Actuaries (SOA) to conduct fundamental research on Web 3.0 risk taxonomy, with an aim to revolutionize the digital asset insurance industry.

As a result of Hong Kong’s latest policy developments in the blockchain and Web 3.0 fields, the duo said obtaining insurance has become a requirement for centralized digital asset firms to operate in Hong Kong and to maintain their status as a regulated entity.

With the assistance of its in-house cybersecurity experts, OneInfinity, they said the digital asset insurance product line of the OneDegree Group, will provide tailored risk management solutions to assist digital asset service providers to help safeguard against a variety of security incidents.

“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, Hailstone Labs aims to become Asia’s leading Web 3.0 company, and this partnership paves the road for building the best Web 3.0 infrastructure framework.

With a team of more than 60 people across 5 countries, Hailstone Labs is a global collective of engineers, designers, operators, and industry veterans transforming the decentralized space with products across multiple blockchains and sectors.

The company builds and incubates Web 3.0 projects and applications that improve universal access to economic opportunity.

“Contrary to conventional insurers who are hesitant to take on more risks, we possess cross disciplinary expertise across insurance, blockchain, cyber security and Web3 operations that allows us to understand the nature of risks associated with digital assets,

“We are thrilled to work with Hailstone Labs, which is a legitimate innovator in the market, to facilitate the growth of the blockchain industry and bring a positive impact to this promising field,” said Alvin Kwock, Co-Founder and Chief Executive Officer of the OneDegree Group.

The OneDegree Group was established in 2016 with the aim of bringing insurance into the next frontier and making a positive impact on consumers and businesses.

The firm leverages cutting-edge technology, cybersecurity and digital assets expertise to transform insurance. It operates several businesses in Asia and globally.

OneDegree HK, a direct-to-consumer virtual insurer licensed by the Hong Kong Insurance Authority, offers category products in pet, fire, home and medical insurance.

OneDegree Global, a technology company in Singapore, has developed an innovative insurance core system IXT and cybersecurity solutions Cymetrics, to serve insurers and intermediaries globally.

In the digital asset space, OneInfinity provides insurance solutions for Web3 wallet theft, cybersecurity hacks, fraud, third-party crime, and corporate liability, fostering trust and enabling growth and security of the digital asset ecosystem.

In June 2023, the OneDegree Group announced the successful completion of a $55 million Series B round, fuelling its commitment to innovation and industry leadership.

Hong Kong’s OneDegree receives venture debt financing from HSBC