(Image credit: Adobe Stock.)
AXA XL (New York), the property/casualty and specialty risk division of AXA, has developed an insurance solution for Hoyos Integrity Corporation (Fort Lauderdale, Fla.) to launch what the companies characterize as the world’s most secure digital “hot” wallet. 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, according to an AXA XL statement.
AXA XL reports that it has designed a bespoke contractual liability insurance coverage specifically tailored for, and in collaboration with Hoyos, a company specializing in unique biometrically secured products and applications, including secure digital asset services.
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. AXA XL’s customized 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.
Making Hoyos’ Wallet More Compelling and Marketable
“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,” comments Jason Harris, Chief Executive, Global Property & Casualty Insurance, AXA XL. “The insurance, especially designed for this company, allows Hoyos to make its wallet a much more compelling and marketable product.”
“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,” comments Mukadder Erdoenmez, head of AXA XL’s NEAT (New Economies, Autonomy and Technology) business unit, a team of underwriters dedicated to designing new coverages to address changing client needs and serve emerging sectors. “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.”
Hector Hoyos, Founder, CEO, and Chief Technology Officer of Hoyos Integrity Corporation, characterizes AXA XL’s insurance partnership as bringing 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,” Hoyos comments. “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.”
New Standard of Security for Digital Assets
“Our online, biometrically secured wallet is unique and a game changer for the cryptocurrency and digital asset industry,” Hoyos adds. “It comes at a time when both institutional and consumer assets are being ravaged by cyberattacks and when there is an overwhelming lack of critical adherence to the Know your Client (KYC) and Anti Money Laundering (AML) regulations as set out in the US Patriot Act. Financial regulators have been critical, and most recently have taken swift action to thwart would-be abusers, who put user security and, at a higher-level, national security at risk. I believe that our Hoyos Solution will become the new and required standard of security for digital assets and allow common users, governments, and institutional asset markets alike, to embrace digital assets.”
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.