AXA XL, the property and casualty and Specialty Risk division of AXA, has designed a bespoke contractual liability insurance coverage tailored for a digital “hot” wallet product offered by Hoyos Integrity Corporation, a company specialising in biometrically secured products and applications.
A hot wallet refers to a cryptocurrency wallet that is online and connected in some way to the internet and generally carries the greatest risk of unrecoverable theft in the event of an attack.
In the event of a non-authorised breach of Hoyos’ digital wallet’s security system, the company commits to reimburse a user for up to a maximum of $1 million.
AXA XL’s customised contractual liability insurance coverage insures Hoyos for defined amounts it must pay out in the event of a breach of the Hoyos Promise of Security.
“As an insurer, our mission is to work with our clients to innovate and support them in the development of their products or services which move the world forward,” said Jason Harris, AXA XL’s Chief Executive, Global Property & Casualty Insurance.
“The insurance, especially designed for this company, allows Hoyos to make its wallet a much more compelling and marketable product.”
Mukadder Erdoenmez, Head of AXA XL’s NEAT (New Economies, Autonomy and Technology) business unit, added, “Hoyos now has the financial protection it needs to, in turn, offer people and institutions the added reassurance they need to go ahead and start using and storing crypto and digital currency tokens.”
Hector Hoyos, Founder, CEO, and Chief Technology Officer of Hoyos Integrity Corporation said, “With AXA XL’s insurance partnership, Hoyos will bring an unmatched level of security to the existing global digital assets and mobile devices community.
“With the development of the Hoyos wallet, and the fact Hoyos is insured by one of the leading insurance brands in the world, Hoyos is poised to open the cryptocurrency market up to potentially hundreds of millions of new and existing digital asset users.
“Moving forward in our collaboration with AXA XL, we are already working towards ways we can extend our “Hoyos Promise of Security” to RSN token technology and the rest of our product suite.”
Hoyos says its digital wallets’ security has been tested both at an international hackathon contest and by a contractor of the United States National Security Agency without any recorded breaches to the system.