PriyaPatel
TLDR:
OneDegree, a Hong Kong-based insurer for digital assets, has partnered with Walaa Cooperative Insurance Company in Saudi Arabia to support its digital asset products globally. This partnership aims to support the growth of Web3 in the Middle East and North Africa region, particularly in Saudi Arabia. OneDegree’s OneInfinity products offer innovative solutions for cybersecurity, risk monitoring, and insurance in the Web3 sector.
Key Elements:
- OneDegree partners with Walaa Cooperative Insurance Company in Saudi Arabia for digital asset insurance.
- Partnership aims to support the growth of Web3 in the Middle East and North Africa region.
- OneDegree’s OneInfinity products offer cybersecurity, risk monitoring, and insurance solutions for Web3 companies globally.
Full Article:
OneDegree, a licensed insurer for digital assets based in Hong Kong, has announced a partnership with Walaa Cooperative Insurance Company in Saudi Arabia. The partnership will see Walaa supporting OneDegree as a reinsurer for its digital asset products globally. This collaboration comes in the midst of an increasing focus on the Web3 sector in the Middle East and North Africa region.
OneDegree launched OneInfinity three years ago and has since become a leading force in Web3 risk management, offering innovative solutions in cybersecurity, risk monitoring, and insurance. The company entered the MENA region in 2023 and works with a number of local and international players in the Web3 sector.
Walaa sees the partnership with OneDegree as an opportunity to gain exposure to digital asset insurance and position itself at the forefront of the digital developments in the region. With Saudi Arabia taking a leading role in digital advancements, the collaboration aims to support the growth of Web3 in line with Vision 2030.
OneDegree’s OneInfinity products provide tech-enabled digital asset insurance and risk management solutions globally. By offering insurance to end-to-end digital asset players, the firm helps strengthen their competitive edge and ensure compliance with regulations. OneInfinity is supported by cybersecurity technology from Cymetrics, a sister company of OneDegree.
In conclusion, the partnership between OneDegree and Walaa represents a significant step in supporting the growth of Web3 in the MENA region, with a focus on Saudi Arabia’s digital developments. The collaboration aims to enhance support for VASPs and empower leading Web3 companies to operate securely and in compliance with regulations.
