Firelight secures $8 million, broadens DeFi recovery protocol

VERA Brief

AI-generated. Grounded in the article and its cited sources.

Firelight, a decentralized finance recovery protocol, has raised $8 million. The company is expanding its services beyond the XRP ledger to offer fintechs and investors a mechanism for recovering losses from DeFi exploits.

Key facts

• Firelight has closed an $8 million funding round.
• The protocol is expanding its operational scope beyond the XRP ledger.
• Firelight aims to provide fintech companies and investors with a faster method for recovering assets lost due to DeFi hacks.
• The platform enables holders of XRP, Bitcoin, and Stellar Lumens to earn yield by providing backing for its protection service.
• This expansion is intended to address perceived risks associated with DeFi for traditional financial technology firms.