Hong Kong – 13 September 2023 — OneDegree today announced that it has provided its OneInfinity digital asset insurance to Rakkar Digital, an Asian digital asset custody service provider, including directors & officers and wallet insurance.
OneInfinity is currently the only digital asset insurance provided by a direct insurer in Asia. OneDegree has received over 150 enquiries for digital asset insurance and has issued insurance policies to roughly one out of four formal applications demonstrating the high bar set to receive coverage. Receiving OneInfinity coverage is therefore a great achievement for Rakkar, and demonstrates that they are among the best-in-class custodians operating in the sector.
Rakkar Digital is an enterprise-grade digital asset custodian backed by SCB 10X, the venture capital arm of Siam Commercial Bank, and powered by Fireblocks, the world-leading MPC-CMP technology provider.
Arthit Sriumporn, the founder and CEO of Rakkar Digital, says: “We adhere to the highest international standards allowing us to offer bank-grade digital asset security, proper risk management, operation control and governance. Our Fireblocks-powered technology gives us industry leading safety standards. Getting OneInfinity insurance has put us in the league of the most trusted custodians world-wide. It also strengthens our position as a great solution for both Web3 and TradFi institutional customers to hold and safeguard their digital assets.”
Alvin Kwock, co-founder of OneDegree, says: “Rakkar has shown excellent strength in technology and asset management. It has also demonstrated substantial planning and management capabilities when it comes to actual operations and internal controls. They are a perfect fit for our ground-breaking digital asset insurance solutions which strengthen our clients’ competitive edge by enabling them to implement best practices under a robust risk management framework.”
Third-party custodians like Rakkar perform an important role in the digital asset ecosystem. With their extensive technical and governance expertise, they provide an extra layer of protection for the client assets held by other participants, such as exchanges and banks. OneDegree and Rakkar intend to work together to pursue greater regulatory recognition for the best-in-class qualified custodians such that they can fully contribute to the development of the ecosystem alongside exchanges, banks and insurers.