OneDegree, a Hong Kong-based insurance provider for digital assets, has teamed up with Blockdaemon, a United States-based blockchain infrastructure platform that connects institutions to prominent networks, to offer digital asset insurance.
The duo said in a statement on Tuesday that both parties have signed a memorandum of understanding to form the strategic alliance.
As part of this partnership, OneDegree will offer its innovative digital wallet insurance product, OneInfinity, to institutions utilizing Blockdaemon’s flagship MPC solution, Institutional Wallet.
OneDegree has pre-reviewed Institutional Wallet’s general architecture, threshold signature, security scheme, and policy engine, meaning customers of Institutional Wallet will be eligible to proceed to fast-track underwriting with OneDegree.
Thus, this collaboration aims to enhance the security and protection of digital assets for the customers of Blockdaemon.
According to the statement, Blockdaemon currently supports over 40 blockchain networks and protocols while operating nodes at over 99.9 percent uptime.
Blockdaemon’s acquisition of Sepior, specializing in data and digital asset security with a strong focus on institutional-grade cryptographic key management and protection, has significantly bolstered its capabilities.
According to the statement, the integration of Sepior’s key management solution not only enhances security measures but also improves user experience and accelerates time-to-market for Blockdaemon’s business to business to consumer (B2B2C) customers.
It is noted that Institutional Wallet is a fully self-hosted wallet with Advanced MPC security and no dependencies on any other party for digital asset custody and self-custody.
Designed in close collaboration with major custodians, Institutional Wallet combines multiple layers of security with cryptographically enforced policies to provide a wallet with the security and controls of cold storage, and the online accessibility of hot wallets.
Partnering with OneDegree brings an added layer of assurance to Blockdaemon and its institutional clients, the duo said.
They said OneInfinity by OneDegree provides peace of mind by addressing various risk factors and ensuring comprehensive protection.
They also said this collaboration reinforces Blockdaemon’s commitment to delivering top-notch security and risk management solutions to its customers in the digital asset space.
According to the statement, OneDegree will work closely with Blockdaemon to tailor tech-enabled digital asset wallet insurance coverage and risk management solutions for its clients.
By leveraging OneDegree’s extensive knowledge in crypto insurance and cybersecurity, this partnership aims to establish industry-leading security standards within the digital asset ecosystem.
The alliance between the two companies will also enable accelerated insurance coverage supported by exceptional cybersecurity expertise and risk management capabilities.
This collaboration will provide a distinct commercial advantage, particularly for institutions utilizing Blockdaemon’s MPC wallet technology.
The result is a superior value proposition that prioritizes the safety and protection of digital assets.
Christopher Sharp, Chief Technology Officer of Blockdaemon, said that the strategic alliance between OneDegree and Blockdaemon represents a key milestone in the digital asset insurance industry.
“This collaboration underscores our commitment to safeguarding the digital assets of our clients and driving robust growth within the digital asset economy,” he said.
Alvin Kwock, Co-Founder of OneInfinity by OneDegree, said that as the digital asset economy continues to evolve, businesses of all sizes face challenges in effectively managing emerging risks within their core operations.
“To address this, it is crucial to identify and mitigate all potential perils by implementing a strong framework that incorporates insurance,
“OneInfinity’s technology-enabled insurance solutions are perfectly positioned to bring value to our clients and their end users by providing practical and comprehensive risk mitigation,” he said.
OneInfinity by OneDegree offers tech-enabled digital asset insurance and risk management solutions globally.
By offering tailor-made insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers), OneDegree strengthens its clients’ competitive edge by enabling them to implement best practices under a robust risk management framework and secure a safety net for their assets under custody.
OneInfinity is enabled by first-in-class cybersecurity technology offered by Cymetrics, a sister company of OneDegree.
OneInfinity insurance solutions bundle services offered by Cymetrics, which examine the security of clients in terms of exposure to cyber, blockchain and digital asset risks from the perspective of hackers.
OneInfinity solutions include digital asset wallet insurance (crime, and specie) and corporate liability coverages (Professional Indemnity, Directors & Officers, Investment Management and Cyber).
Blockdaemon powers the blockchain economy with its suite of industry-leading infrastructure solutions.
The firm is a globally established, single integration partner for accessing premier blockchain networks.
It provides integrated business solutions to exchanges, custodians, crypto platforms, financial institutions, and developers using its end-to-end suite of blockchain tools, including dedicated nodes, APIs, staking, liquid staking, MPC tech, and more.
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