Hong Kong-based virtual insurer OneDegree has on Wednesday announced that it has provided its OneInfinity digital asset insurance to Rakkar Digital, an Asian digital asset custody service provider, including directors and officers and wallet insurance.

The duo said in a statement that OneInfinity is currently the only digital asset insurance provided by a direct insurer in Asia.

The firm has received over 150 enquiries for digital asset insurance and has issued insurance policies to roughly one out of four formal applications demonstrating the high bar set to receive coverage.

Receiving OneInfinity coverage is therefore a great achievement for Rakkar, and demonstrates that they are among the best-in-class custodians operating in the sector.

Rakkar Digital is an enterprise-grade digital asset custodian backed by SCB 10 times, the venture capital arm of Siam Commercial Bank, and powered by Fireblocks, a MPC-CMP technology provider.

“We adhere to the highest international standards allowing us to offer bank-grade digital asset security, proper risk management, operation control and governance,” said Arthit Sriumporn, the Founder and Chief Executive Officer of Rakkar Digital.

“Our Fireblocks-powered technology gives us industry leading safety standards. Getting OneInfinity insurance has put us in the league of the most trusted custodians world-wide,

“It also strengthens our position as a great solution for both Web3 and TradFi institutional customers to hold and safeguard their digital assets,” he said.

Meanwhile, OneDegree Co-Founder Alvin Kwock said that Rakkar has shown excellent strength in technology and asset management.

“The firm has also demonstrated substantial planning and management capabilities when it comes to actual operations and internal controls,

“They are a perfect fit for our ground-breaking digital asset insurance solutions which strengthen our clients’ competitive edge by enabling them to implement best practices under a robust risk management framework,” it said.

It is noted that third-party custodians like Rakkar perform an important role in the digital asset ecosystem.

With their extensive technical and governance expertise, they provide an extra layer of protection for the client assets held by other participants, such as exchanges and banks.

According to the statement, OneDegree and Rakkar intend to work together to pursue greater regulatory recognition for the best-in-class qualified custodians such that they can fully contribute to the development of the ecosystem alongside exchanges, banks and insurers.

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 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 and officers, investment management and cyber).

Rakkar Digital is a digital asset custodian serving institutional clients in Hong Kong and Southeast Asia.

Using ultra-secure MPC-CMP technology and optical offline signing, Rakkar provides security for assets along with bankruptcy remote mechanism of asset segregation.

They support a wide range of assets and blockchain protocols and offer highly customizable policy engine, giving clients greater control and flexibility over their assets.

With fast SLAs and 24/7 support from their team of blockchain experts and security professionals, Rakkar is committed to delivering institutional-grade custody services.

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