Dubai Insurance Invests in OneDegree Series B Round
The Funding is part of the digital asset insurance partnership
Hong Kong’s insurtech OneDegree has secured an investment from the Dubai Insurance Company for its Series B funding round as part of a partnership to offer digital asset insurance in the United Arab Emirates (UAE). The sum was not disclosed.
The insurtech had previously announced that it had raised US$55 million for its Series B in June from existing investors Gobi Partners, Sun Hung Kai, and Bitrock.
This partnership aims to bring innovative insurance solutions to the rapidly evolving digital asset landscape in the MENA region.
The partnership will begin by offering commercial liability insurance, specifically professional indemnity and directors and officers insurance.
Both entities will also be working together to seek regulatory approval for further products that are new to the UAE market, especially custodial wallet insurance.
Two years ago, OneDegree unveiled OneInfinity, a comprehensive suite of insurance products tailored for digital asset enterprises.