Blockchain

“OneDegree Forms Strategic Partnership with Dubai Insurance to Enhance Digital Asset Insurance in the UAE

In a significant strategic move, OneDegree, Asia’s first licensed digital asset insurer, announced an innovative partnership with Dubai Insurance to provide advanced digital asset insurance solutions in the United Arab Emirates, with a focus on supporting active entities in the decentralized web sector, particularly in the UAE.

Over the past two years, OneDegree has successfully facilitated numerous clients in obtaining necessary regulatory licenses across various leading countries in the digital asset field.

The launch of its specialized insurance product suite, OneInfinity, played a pivotal role in enhancing its position, transforming it into a leading company in managing risks related to the Web3 sector. OneDegree strives to empower and enable active entities in this field to thrive securely.

The partnership kicks off by offering commercial liability insurance, specifically professional indemnity and directors and officers insurance.

Additionally, the two companies will collaborate to secure official approvals to introduce more insurance products, notably centralized cryptocurrency wallet insurance, to the UAE market for the first time.

As part of their collaboration, Dubai Insurance strategically invested in OneDegree’s Series B funding round, reinforcing mutual understanding and the desire to enhance digital asset insurance capabilities.

In a statement, Mr. Alvin Kwock, one of the founders of OneDegree, expressed delight in collaborating with Dubai Insurance, emphasizing the importance of introducing OneInfinity products to companies in the Middle East and North Africa region.

He affirmed that these products would contribute to supporting a wide range of companies operating in the decentralized Web3 space, facilitating their development safely and in compliance with regulatory systems.

On the other hand, Mr. Abdullatif Abuqurah, CEO of Dubai Insurance, highlighted the pivotal role of the UAE in the digital asset space, expressing pride in their collaboration with OneDegree.

He affirmed that the integration of OneInfinity products with their insurance solutions presented a unique opportunity to offer tailored products for the Web3 sector, reinforcing Dubai Insurance’s position as a global leader in insurance.

This collaboration comes amid a continuous evolution in the Middle East and North Africa region as an active hub for digital assets.

The UAE has introduced regulatory guidelines for digital asset companies, with Dubai set to launch VARA, the world’s first independent regulatory body for digital assets. Dubai Insurance stands out as an ideal partner for OneDegree, as both companies share a common vision to enhance the UAE’s position as a secure and regulated global center in the Web3 sector.

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