OneDegree, the Hong Kong-based licensed insurer for digital assets, has inked a deal with Walaa Cooperative Insurance Company, an insurance and reinsurance company in the Kingdom of Saudi Arabia, to support OneDegree as a reinsurer for its market-leading digital asset products globally.

OneDegree said in a statement on Wednesday that the two insurers share a vision to support the good actors in Web3 and work closely with regulators to create a stable and sustainable ecosystem.

According to the statement, Middle East and North Africa (MENA) has emerged as an increasingly vibrant and dynamic hub for Web3.

Saudi Arabia in particular has implemented various initiatives to support the growth of the Web3 sector in line with its Vision 2030 program.

It is noted that OneDegree launched OneInfinity three years ago and has become a leading force in Web3 risk management, with innovative solutions spanning cybersecurity, risk monitoring and insurance.

The firm entered Middle East and North Africa (MENA) in 2023 and works with a large number of local and international players who choose MENA as their base for developing their Web3 businesses.

OneDegree sees Walaa as the perfect partner to support the firm with this business.

“Saudi Arabia is taking a leading role in digital developments in MENA and worldwide. Gaining exposure to digital asset insurance as a reinsurer puts Walaa at the forefront of this development,

“We identify OneDegree as the perfect partner to help us realize our goals in line with Vision 2030,” said Johnson Varughese, the Chief Executive Officer of Walaa.

Robin Scott, General Manager of Middle East of OneDegree, said OneInfinity by OneDegree’s products are empowering leading Web3 companies worldwide to expand their operations securely and in compliance with regulations.

“Collaborating with Walaa Insurance, OneInfinity by OneDegree aims to enhance support for VASPs in the region and beyond,” he added.

OneDegree offers tech-enabled digital asset insurance and risk management solutions globally via OneInfinity.

By offering insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers), the firm 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 solutions include digital asset custodial risk insurance (crime, and specie) and corporate liability coverages (professional indemnity, directors and officers, investment management and cyber).

Headquartered in Al-Khobar – Eastern province, the oil hub of the Kingdom of Saudi Arabia, Walaa serves clients all over the Kingdom through three regional offices and more than 70 retail offices.

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