Bitcoin · CoinDesk
Firelight raises $8 million, scales up beyond XRP as it aims to make DeFi less scary for fintechs
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Firelight Protocol raised $8 million to build an onchain protection layer for decentralized finance with plans to expand the assets backing its cover system beyond XRP (XRP) to bitcoin BTC $ 77,443.52 and Stellar's XLM, the firm told CoinDesk Tuesday.
Key facts
- Firelight Protocol raised $8 million to build an onchain protection layer for decentralized finance with plans to expand the assets backing its cover system beyond XRP (XRP) to bitcoin BTC $
- The investment round was led by Gumi Cryptos Capital, with Maven 11, Metalayer, Joint Effects and Tribe Capital also participating, the firm said
- Firelight is targeting three to four days for that decision and less than 10 days from the initial claim through liquidation of collateral and payout
- The idea is to have the whole thing from start to finish be inside of 10 days,” DeMartino said
Summary
Firelight Protocol raised $8 million in a funding round led by Gumi Cryptos Capital to develop an onchain protection layer for decentralized finance. The protocol, expected to launch with its first cover integrations in September, aims to settle eligible smart-contract exploit claims within 10 days through independent risk firms. Firelight plans to expand the collateral backing its cover system beyond XRP to liquid, non-yielding assets such as bitcoin and Stellar’s XLM as it targets fintechs offering onchain yield products. The investment round was led by Gumi Cryptos Capital, with Maven 11, Metalayer, Joint Effects and Tribe Capital also participating, the firm said.