In a joint statement, both parties expressed their belief that Hong Kong is well-positioned to become a global leader in the digital economy and digital finance. They aim to collaborate in revolutionising the digitisation of assets and the industrialisation of data and numbers.
The news follows OneDegree Group’s announcement in June 2023, of the successful completion of a US$55 million Series B funding round, further solidifying its commitment to innovation and industry leadership.
The primary objective of this partnership is to establish industry standards, drive advancements in blockchain technology, and nurture talent development within the Web 3.0 sector, according to the duo.
Over the past two years, Hailstone Labs and OneDegree Group have joined forces with the Society of Actuaries (SOA) to conduct fundamental research on Web 3.0 risk taxonomy. Their ultimate goal is to transform the digital asset insurance industry.
With recent policy developments in the blockchain and Web 3.0 fields in Hong Kong, the duo highlights that obtaining insurance has become a requirement for centralized digital asset firms to operate within the city and maintain their regulated entity status.
Drawing on the expertise of its in-house cybersecurity division, OneInfinity, the OneDegree Group will provide tailored risk management solutions through its digital asset insurance product line. These solutions will assist digital asset service providers in safeguarding against various security incidents.
Raymond Wong, Chief Executive Officer of Hailstone Labs, expressed excitement about investing in OneDegree Group, acknowledging the company as a pioneer in digital asset insurance. Hailstone Labs aims to establish itself as Asia’s leading Web 3.0 company and views this partnership as a crucial step toward building the most robust Web 3.0 infrastructure framework.
With a global team of over 60 professionals spread across five countries, Hailstone Labs comprises engineers, designers, operators, and industry veterans who are revolutionizing the decentralized space. The company develops and incubates Web 3.0 projects and applications that enhance universal access to economic opportunities.
“We possess cross-disciplinary expertise across insurance, blockchain, cybersecurity, and Web3 operations, allowing us to understand the nature of risks associated with digital assets. Contrary to conventional insurers who are hesitant to take on more risks,” said Alvin Kwock, Co-Founder and Chief Executive Officer of the OneDegree Group. Kwock expressed enthusiasm for collaborating with Hailstone Labs, a genuine innovator in the market, to foster growth in the blockchain industry and make a positive impact in this promising field.
Established in 2016, OneDegree Group aims to bring insurance into the next frontier and create a positive impact on consumers and businesses. The firm leverages cutting-edge technology, cybersecurity expertise, and digital assets to transform the insurance landscape. It operates multiple businesses in Asia and globally.
OneDegree HK, a direct-to-consumer virtual insurer licensed by the Hong Kong Insurance Authority, offers various insurance products in categories such as pets, fire, home, and medical coverage.
OneDegree Global, a technology company based in Singapore, has developed the innovative insurance core system IXT and cybersecurity solutions Cymetrics to serve insurers and intermediaries worldwide.
Within the digital asset space, OneInfinity provides insurance solutions for Web3 wallet theft, cybersecurity hacks, fraud, third-party crime, and corporate liability. These solutions foster trust and enable growth and security within the digital asset ecosystem.