The insurance firm OneDegree collaborated with its peer Dubai Insurance Co. on Monday to provide insurance for digital assets while supporting Web3 players in the United Arab Emirates (UAE) and the MENA region. The collaboration also aids clients in obtaining regulatory licenses in leading digital asset hubs across the world.
The newly built partnership is taking into account an offering of commercial liability insurance and professional indemnity insurance including directors’ and officers’ insurance (D&O), said the firm.
The digital insurance firm said this joint venture seeks to get regulatory approval for further products that are new to the UAE market, especially custodial wallet insurance.
The tech-based firm said that as part of this partnership, Dubai Insurance has invested in OneDegree’s Series B funding, typically the second round of financing after the firm achieved certain milestones from its Series A financing (first round).
“The OneInfinity products are a perfect complement to our existing business-focused offerings, Dubai Insurance is proud to be UAE’s first national insurance company with many decades of history, but we also pride on our commitment to innovation. By working with OneDegree to bring web3 insurance products to the market, Dubai Insurance Co. will be at the cutting edge of global insurance innovations,” said Abdellatif Abuqurah, executive chief of Dubai Insurance.
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