Blockdaemon and OneDegree have teamed up for digital asset insurance

OneDegree, a Hong Kong-based digital asset insurer, has partnered with Blockdaemon, a US-based blockchain infrastructure platform that connects institutions to prominent networks, to offer digital asset insurance.

The duo said in a statement on Tuesday that both sides have signed a memorandum of understanding to form the strategic alliance.

As part of this partnership, OneDegree will offer its innovative digital wallet insurance product, OneInfinity, to institutions using Blockdaemon’s flagship MPC solution, Institutional Wallet.

OneDegree has pre-assessed Institutional Wallet’s common architecture, threshold signature, security scheme, and policy engine, meaning Institutional Wallet customers are eligible for accelerated adoption into OneDegree.

Thus, this partnership aims to improve the security and protection of digital assets for Blockdaemon’s customers.

According to the statement, Blockdaemon currently supports more than 40 blockchain networks and protocols while operating nodes with more than 99.9 percent uptime.

Blockdaemon’s acquisition of Sepior, which specializes in data and digital asset security with a strong focus on managing and protecting institutional-level cryptographic keys, has significantly strengthened its capabilities.

According to the statement, the integration of Sepior’s key management solution not only enhances security controls, but also improves user experience and accelerates time-to-market for Blockdaemon’s business-to-business-to-consumer (B2B2C) customers.

It is noted that Institutional Wallet is a fully self-hosted wallet with advanced MPC security and does not rely on any other party for digital asset custody and self-custody.

Designed in close collaboration with major administrators, Institutional Wallet combines multiple layers of security with cryptographically enforced policies to provide a wallet with the security and controls of cold storage and the online accessibility of hot wallets.

Partnering with OneDegree provides an extra layer of security for Blockdaemon and its institutional clients, the duo said.

They said OneInfinity by OneDegree provides peace of mind by addressing various risk factors and providing comprehensive protection.

They also said that this partnership reinforces Blockdaemon’s commitment to providing best-in-class security and risk management solutions to its digital asset clients.

According to the statement, OneDegree will work closely with Blockdaemon to tailor digital asset insurance coverage and risk management solutions for its clients.

Leveraging OneDegree’s extensive knowledge of crypto insurance and cybersecurity, this partnership aims to establish leading security standards within the digital asset ecosystem.

The alliance between the two companies will also enable accelerated insurance coverage, backed by exceptional cybersecurity and risk management expertise.

This partnership will provide a clear commercial advantage, particularly for institutions using Blockdaemon’s MPC wallet technology.

The result is a superior value proposition that prioritizes the safety and protection of digital assets.

Christopher Sharp, Chief Technology Officer of Blockdaemon, said that the strategic alliance between OneDegree and Blockdaemon is an important milestone in the digital asset insurance industry.

“This partnership underscores our commitment to protecting our clients’ digital assets and driving robust growth within the digital asset economy,” he said.

Alvin Kwock, co-founder of OneInfinity by OneDegree, said that as the digital asset economy continues to evolve, companies of all sizes face challenges in effectively managing emerging risks within their core businesses.

“To address this, it is crucial to identify and mitigate all potential hazards by implementing a strong framework that includes insurance,

“OneInfinity’s technology-based insurance solutions are perfectly positioned to add value to our customers and their end users by providing practical and comprehensive risk mitigation,” he said.

OneInfinity by OneDegree provides technology-enabled digital asset insurance and risk management solutions worldwide.

By offering tailor-made insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers), OneDegree strengthens the competitive advantage of its clients by enabling them to implement best practices within a robust risk management framework and secure a safety net for their assets in custody.

OneInfinity is powered by world-class cybersecurity technology offered by Cymetrics, a sister company of OneDegree.

OneInfinity’s insurance solutions bundle services offered by Cymetrics, which examine customer security in terms of exposure to cyber, blockchain and digital asset risks from a hacker’s perspective.

OneInfinity solutions include digital asset portfolio insurance (crime and specie) and corporate liability coverage (professional liability, directors and officers, investment management and cyber).

Blockdaemon powers the blockchain economy with its suite of leading infrastructure solutions.

The company is a globally established, single integration partner for access to top-notch blockchain networks.

It provides integrated business solutions for exchanges, custodians, crypto platforms, financial institutions and developers using its end-to-end suite of blockchain tools, including dedicated nodes, APIs, staking, liquid staking, MPC technology and more.

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