OneDegree to Offer HKbitEX Coverage Up to USD 100 Mln

According to The South China Morning Post, OneDegree Hong Kong, a licensed diversified insurance company, has signed a deal with the local digital asset exchange HKbitEX to provide up to $100 mln for cryptocurrency coverage.

The insurance will cover losses that can occur due to malware attacks, theft by employees, as well as physical damage. OneDegree expects other insurance companies to follow suit and this will help further mitigate the risks associated with volatile asset classes.

In April, Palo Alto-based BitGo expanded its insurance coverage to its institutional clients by a whopping $600 mln amid skyrocketing demand.

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