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).
As part of the partnership, Dubai Insurance has also made a strategic investment in OneDegree’s Series B funding round.
OneDegree said in a statement on Friday that Middle East and North Africa (MENA) has become an exciting global center for the digital asset ecosystem, and this partnership will support web3 players in top hubs in the region, especially in the United Arab Emirates.
According to the statement, the partnership will begin by offering commercial liability insurance, specifically professional indemnity and directors and officers insurance, and work together to seek regulatory approval for further products that are new to the United Arab Emirates (UAE) market especially custodial wallet insurance.
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.
It said the two insurers share a vision to advance UAE’s reputation as a safe and well-regulated global web3 hub.
“We are delighted to partner with Dubai Insurance 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 are a natural fit to identify and support the good actors,” said Alvin Kwock, Co-Founder of OneDegree.
OneDegree is a firm offers tech-enabled digital asset insurance and risk management solutions globally.
The firm launched OneInfinity two years ago and has become a leading force in web3 risk management.
Through OneInfinity, a suite of insurance products tailored for digital asset companies, OneDegree’s mission is to allow the good actors to thrive.
OneDegree has supported clients to successfully obtain regulatory licenses in leading digital asset hubs across the world.
“The UAE is a pioneer in the digital asset space. We are honoured to play our part in this development with our partnership with OneDegree,” said Abdellatif Abuqurah, Chief Executive Officer of Dubai Insurance.
“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 are also committed to innovation,
“By working with OneDegree to bring web3 insurance products to the market, Dubai Insurance will be at the cutting edge of global insurance innovations,” he added.
Dubai Insurance is incorporated by His Highness Sheikh Rashid Al Maktoum as the first local company in the UAE in 1970.
The firm is the first national insurance company to be founded in the United Arab Emirates.