Crypto.com, Kyobo Lifeplanet join hands…experiment combining digital assets and insurance
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Summary
- Crypto.com and Kyobo Lifeplanet announced they signed an MOU to combine digital assets and insurance.
- The two companies said they will pursue various digital financial services cooperation such as converting reward points to digital assets, a referral program, and joint marketing.
- They stated that, based on compliance with local regulations, they plan to review embedded insurance models and develop new financial products in the medium to long term.
Global virtual asset platform Crypto.com announced on the 7th that it is partnering with digital-only life insurer Kyobo Lifeplanet Life Insurance to pursue digital finance collaboration.
Crypto.com said it has signed a memorandum of understanding (MOU) with Kyobo Lifeplanet to expand access to digital assets and provide an integrated digital financial experience. The two companies plan to gradually implement various cooperation models within the scope of complying with local regulations through this agreement.
First, they are considering introducing a referral program for Kyobo Lifeplanet customers. The program would operate by providing benefits linked to use of the Crypto.com platform when users complete designated procedures and meet certain activity requirements.
They will also jointly develop a point exchange system to allow Kyobo Lifeplanet customers to convert existing reward points into digital assets or use them within Crypto.com services. Through this, they aim to strengthen linkage between insurance services and the digital asset platform and expand customer use cases.
In the medium to long term, they will pursue various forms of strategic collaboration such as developing new digital financial products, reviewing embedded insurance models (Embedded Insurance), and joint marketing.
Eric Anziani, President and Chief Operating Officer (COO) of Crypto.com, said, "Crypto.com is continuously expanding access to digital assets through a user-centric platform that complies with regulations," and added, "Through cooperation with Kyobo Lifeplanet, a leader in Korea's insurtech sector, we expect to provide a smoother digital financial experience to more users."
Kim Young-seok, CEO of Kyobo Lifeplanet, said, "This collaboration is a new example of customer experience innovation connecting digital insurance and a global virtual asset platform," and added, "We will continue to expand strategic partnerships to secure differentiated competitiveness in a changing financial environment."
