Firelight Protocol Secures $8M And Plans Coverage Beyond XRP To Bitcoin

TL;DR

• Firelight Protocol raised $8M in a round led by Gumi Cryptos Capital to develop an onchain DeFi protection layer.
• The protocol plans to extend its coverage to Bitcoin and Stellar’s XLM. The launch is scheduled for September.
• Firelight’s coverage system promises to resolve claims in under 10 days, compared to the months a traditional insurance policy can take.

Firelight Protocol raised $8 million in a funding round led by Gumi Cryptos Capital, with participation from Maven 11, Metalayer, Joint Effects, and Tribe Capital. The capital will be allocated to the development of the protocol, the expansion of its coverage, and the onboarding of new partners from the ecosystem.

The project was incubated by Sentora, a DeFi infrastructure firm with $2.4 billion in assets under custody, and aims to build an onchain protection layer that operates under a logic similar to what Lido popularized in staking: facilitating access to onchain yields without requiring the user to assume full risk exposure.

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