Hong Kong-based Web3 venture studio, Hailstone Labs, has recently made a strategic investment in Insurtech firm, OneDegree Group, marking a new chapter in their quest for digital asset legalisation. This ground-breaking alliance is set to redefine the digitisation of assets, taking data and numerical industrialisation to a new level.
The primary aim of the partnership is to establish industry-wide standards and facilitate technological breakthroughs in the blockchain arena, further fostering the growth of the Web3 sector. This strategic move positions Hailstone Labs on the path to becoming one of the foremost Web3 companies in Asia, laying the foundation for an exemplary Web3 infrastructure.
Hailstone Labs’ CEO, Raymond Wong, expressed his enthusiasm regarding the partnership, noting, “We are excited to invest in the OneDegree Group, the pioneer of digital asset insurance.”
OneDegree Group’s co-founder and CEO, Alvin Kwock, addressed the unique nature of the company, which differentiates it from traditional insurers. He said, “Our diverse expertise in insurance, blockchain, cyber security, and Web3 operations allows us to understand the risks associated with digital assets effectively.”
He added, “We look forward to partnering with Hailstone Labs, a genuine market innovator, to stimulate the blockchain industry’s growth and deliver a positive impact on this burgeoning field.”
Over the past two years, Hailstone Labs and OneDegree Group have undertaken comprehensive Web3 risk taxonomy research in collaboration with the Society of Actuaries (SOA). Their primary goal was to transform the digital asset insurance industry.
In light of recent policy developments in Hong Kong related to blockchain and Web3, obtaining insurance has become an operational necessity for centralised digital asset firms. Such firms need to maintain their status as regulated entities, thus signifying the growing importance of digital asset insurance.