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Hong Kong company offers insurance for Asian crypto holdings


 

A large Asian insurer has ventured into Bitcoin and tried to provide a model for other companies in the field.

Hong Kong-based virtual insurer OneDegree has teamed up with the Hong Kong Digital Asset Exchange (HKbitEX) to offer cryptocurrency insurance. The aim is to address concerns that are deterring institutional investors from investing in the $ 3 trillion asset class.

Following the announcement, Ken Lo, co-founder of HKbitEX, stated that he would like to make further institutional investments in crypto. He continued:

“With over 1,800 licensed asset managers, Hong Kong manages over $ 3 trillion in assets. We want to help asset managers participate in this market in such a way that they also fulfill their fiduciary duties towards their end investors. "

It is the first insurer in Asia to take out digital asset insurance policies, a service that has only recently become available to virtual assets players through specialist insurers based primarily in the UK and Bermuda.

Hong Kong is one of the most famous and important financial centers in the world. It had a significant impact on crypto innovation. The city-state has spawned some of the best-known and most successful crypto companies, including the FTX crypto derivatives exchange and the digital asset platform Crypto.com.

Meanwhile, Bitcoin hit a new all-time high of just over $ 69,000 on Wednesday, according to CoinGecko, after the US consumer price index rose 6.2% in October, the largest increase in years.

Ethereum, on the other hand, has done the same with Bitcoin and also set a new record. In the early hours of the morning, Ethereum climbed as high as USD 4,859, coming within striking distance of USD 5,000.

According to Glassnode, "investor conviction appears to be at an all-time high," noting that Bitcoin balances on the exchanges have declined in recent weeks. This metric indicates a healthy influx of institutional investors.

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