OneDegree, renowned as a leading Asian licensed insurer for digital assets, has joined forces with Dubai Insurance Co., marking a significant leap in offering comprehensive digital asset insurance within the United Arab Emirates (UAE).
This strategic collaboration aims to bolster support for web3 entities across key hubs in the region, notably the UAE, following OneDegree’s track record of facilitating clients in obtaining regulatory licenses within prominent digital asset hubs worldwide.
Two years ago, OneDegree unveiled OneInfinity, an exclusive suite of insurance products meticulously tailored for digital asset companies, solidifying its position as a frontrunner in web3 risk management. According to the company, the ethos behind OneInfinity resonates with the aspiration to empower ethical industry players, enabling their growth within a secure and compliant framework.
The inception of this new partnership lays the groundwork for OneDegree and Dubai Insurance Co. to initially provide commercial liability insurance, focusing on professional indemnity and directors & officers insurance.
Collaboratively, the entities plan to navigate regulatory pathways for novel products, notably introducing custodial wallet insurance to the burgeoning UAE market. Notably, Dubai Insurance Co. has cemented its commitment to this partnership by strategically investing in OneDegree’s Series B funding round.
It is worth noting that the MENA region has evolved significantly over the past decade, emerging as a global epicenter for the digital asset ecosystem.
Notably, Abu Dhabi Global Market pioneered regulations for digital asset entities, and Dubai recently followed suit with the establishment of VARA, a pioneering independent digital asset regulator.
Dubai Insurance Co., recognized as one of UAE’s prominent insurers, joins forces with OneDegree in their shared vision to propel the UAE’s status as a secure and well-regulated global web3 hub.
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