OneDegree, recognized as Asia’s inaugural licensed insurer for digital assets, has joined forces with Dubai Insurance Company to bring digital asset insurance to the UAE. This strategic partnership aims to support web3 players in key hubs within the Middle East and North Africa (MENA) region, with a particular focus on the UAE.
As the MENA region gains prominence as a global center for the digital asset ecosystem, this collaboration positions OneDegree as a leading force in web3 risk management. The insurer launched OneInfinity two years ago, offering a comprehensive suite of insurance products tailored for digital asset companies. OneDegree’s mission is to empower reputable actors in the digital asset space and facilitate their growth by ensuring secure and compliant operations. The company has played a pivotal role in assisting clients in obtaining regulatory licenses in prominent digital asset hubs worldwide.
Abu Dhabi Global Markets was among the first jurisdictions to introduce regulations for digital asset companies in the MENA region. Now, with the launch of VARA, the world’s first independent digital asset regulator in Dubai, the region is further solidifying its position in the web3 landscape.
The initial phase of the partnership will focus on providing commercial liability insurance, specifically professional indemnity and directors & officers insurance. The collaboration also aims to seek regulatory approval for additional innovative products, particularly custodial wallet insurance, which would be a novel introduction to the UAE market.
In a significant development, Dubai Insurance has strategically invested in OneDegree’s Series B funding round as part of this collaboration.
Alvin Kwock, Co-Founder of OneDegree, expressed, “OneInfinity products are helping some of the world’s best web3 companies to grow their businesses in a secure and compliant manner. With MENA, and especially the UAE, continuing to grow and attract leading digital asset companies, OneInfinity and Dubai Insurance are a natural fit to identify and support the good actors.”
Abdellatif Abuqurah, CEO of Dubai Insurance, added, “The UAE is a pioneer in the digital asset space. We are honoured to play our part in this development with our partnership with OneDegree. The OneInfinity products are a perfect complement to our existing business-focused offerings. Dubai Insurance is proud to be UAE’s first national insurance company with many decades of history but we are also committed to innovation. By working with OneDegree to bring web3 insurance products to the market, Dubai Insurance will be at the cutting edge of global insurance innovations.”