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OneDegree, one of Hong Kong’s first virtual insurers, has raised US$27 million in its latest fundraising campaign to finance expansion of its digital assets insurance portfolio, the company said on Thursday.
Gobi Partners, Sun Hung Kai and Bitrock, which have already invested in the online insurer, are joined by new investors in financing this round of fundraising.
The company has increased its focus on offering insurance coverage to virtual asset trading platforms and operators. It debuted its cryptocurrency insurance in November 2021 by providing cryptocurrency exchange Hong Kong Digital Asset Exchange a HK$100 million cover.
“The demand for digital asset insurance is set to have a huge growth in future after the Securities and Futures Commission introduced a new regulatory regime on June 1,” co-founder Alvin Kwock Yin-lun said. “OneDegree has the ability and experience to offer comprehensive coverage of different aspects of risks faced by digital asset operators.”
“It is expected a lot of virtual asset trading companies will apply for licenses to offer digital-asset trading in Hong Kong, and these operators need to have proper insurance cover to safeguard the interests of investors and traders.”
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