AXA XL, the Property & Casualty and Specialty Risk division of AXA, today announced it has developed an insurance solution for Hoyos Integrity Corporation (Hoyos) to enhance its secure digital “hot” wallet.
In doing so, AXA XL has designed a bespoke contractual liability insurance coverage specifically tailored for, and in collaboration with Hoyos, a company that specializes in unique biometrically secured products and applications, including secure digital asset services.
“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. The insurance, especially designed for this company, allows Hoyos to make its wallet a much more compelling and marketable product.”
– Jason Harris, Chief Executive, Global Property & Casualty Insurance
Hoyos provides its users with the “Hoyos Promise of Security” that protects against specific breaches of the Hoyos digital “hot” wallet’s security system.
In the event of a non-authorized breach of the digital wallet’s security system, Hoyos commits to reimburse a Hoyos Wallet user for up to a maximum of USD $1 million.
“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. We look forward to continuing our collaboration with Hoyos as we work to tailor customized insurance protection as Hoyos expands its wholesale partners and commercial agreements,” added Mr. Erdoenmez.
– Mukadder Erdoenmez, head of AXA XL’s NEAT (New Economies, Autonomy and Technology)
Available for iOS and Android devices, the Hoyos wallet is compatible with common forms of cryptocurrency such as Bitcoin, Litecoin, Ethereum, as well as any ERC20 and Hoyos’ own “RISEN” (RSN) tokens. The wallet can also hold digitized fiat currency, enabling usage for almost any online and retail purchases.
“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.”
– Hector Hoyos, Founder, CEO and CTO of Hoyos Integrity Corporation
The Hoyos digital wallets’ security has been tested both at an international hackathon contest and by a contractor of the United States National Security Agency (NSA) without any recorded breaches to the system even when all confidential source code and proprietary architecture documentation has been provided.