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Axa XL will provide contractual liability insurance for Hoyos Integrity Corp. in the event of a breach of the technology security firm’s cryptocurrency wallet, the unit of Axa SA announced Thursday.
The insurance covers Fort Lauderdale, Florida-Hoyos for defined amounts paid out in the event of a specific, breach of the digital wallet’s security system, Axa XL said the statement said.
Hoyos offers a so-called digital hot wallet, which is connected to the internet and allows users to conduct cryptocurrency transactions. The wallet is compatible with bitcoin, litecoin, ethereum and other cryptocurrencies, the statement said.
The plan provides for reimbursement to a Hoyos Wallet user for up to $1 million in the event of a breach, the statement said.