- OneDegree and Walaa Partnership
- Web3 Growth in MENA
- OneDegree Expansion in MENA
OneDegree, Asia’s licensed insurer for digital assets, has partnered with Saudi Arabia’s Walaa Cooperative Insurance Company, an insurance and reinsurance provider.
OneDegree and Walaa Partnership
Walaa will support OneDegree as a reinsurer for its market-leading digital asset products globally. The partnership was announced during the 24 Fintech event in Riyadh, KSA.
Web3 Growth in MENA
As per the press release, Middle East and North Africa (MENA) has emerged as an increasingly vibrant and dynamic hub for Web3. Saudi Arabia in particular has implemented various initiatives to support the growth of the Web3 sector in line with its Vision 2030 program. The two insurers share a vision to support the good actors in Web3 and work closely with regulators to create a stable and sustainable ecosystem.
OneDegree Expansion in MENA
OneDegree entered MENA in 2023 and works with a large number of local and international players who choose MENA as their base for developing their Web3 businesses. In January 2024, OneDegree announced it was expanding its offering to the UAE through a local partnership with Dubai Insurance Company. Both UAE local entity and OneDegree will insure digital asset firms in the UAE using its OneInfinity product offering.
The partnership between OneDegree and Walaa aims to support digital assets and Web3 development in the MENA region, aligning with Saudi Arabia’s Vision 2030.
