Crypto.com has signed a Memorandum of Understanding (MoU) with Kyobo Lifeplanet Life Insurance, South Korea’s first fully digital life insurance company, to expand access to digital assets and explore new ways to develop digital-first financial services in the local market.
According to an announcement shared on Wednesday, January 7, the partnership will focus on potential referral and points redemption initiatives, subject to local regulatory requirements.
Under the proposed framework, Kyobo Lifeplanet may introduce a referral program that would allow eligible customers to access Crypto.com’s platform, with benefits offered to users who complete onboarding and meet certain activity thresholds.
Expand access to digital assets through referral and points redemption programs
The partnership also plans to evaluate a points redemption mechanism that will allow Kyobo Lifeplanet customers to convert their existing reward points into digital assets or platform points that can be used on some Crypto.com services.
The two companies said they will explore broader areas of cooperation beyond referral and rewards programs, including the development of new digital financial products, potential embedded insurance models, and coordinated marketing efforts.
Eric Anziani, President and Chief Operating Officer of Crypto.com, said of the partnership:
“At Crypto.com, we continue to expand access to digital assets through a trusted, compliant, and user-focused platform. This partnership with Kyobo Lifeplanet, a pioneer in the Korean insurtech industry, allows us to explore how our capabilities can support new seamless financial experiences for a broader audience.”
Kim Yong-seok, CEO of Kyobo Lifeplanet, added:
“This partnership represents an innovation in digital customer experience by linking digital insurance with global virtual assets. Kyobo Lifeplanet continues to expand innovative service developments and strategic partnerships based on its differentiated competitiveness in a rapidly evolving financial environment.”
Kyobo Lifeplanet operates a completely direct-to-consumer insurance model supported by digital underwriting and analytics-driven processes.
Featured image via Shutterstock.
