Firelight Protocol has closed an $8 million funding round led by Gumi Cryptos Capital, with participation from Maven 11, Metalayer, Joint Effects, Tribe Capital and other investors. The DeFi risk protocol was incubated by Sentora and is preparing to launch its first coverage integrations in September.
The initial product will offer smart contract exploit coverage for fintech companies participating in on-chain yield. Firelight currently uses XRP as coverage capital and said it plans to expand to other highly liquid, non-native-yield assets including bitcoin and Stellar's XLM.
The protocol said claims will be assessed by independent risk control institutions including GFX Labs, Hypernative, Credora, Native and Cyfrin, with a target of completing review, liquidation and payout for eligible claims in about 10 days.
Firelight Protocol Raises $8 Million to Expand DeFi Coverage Offering
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