Firelight raises $8M for XRP-backed DeFi cover protocol

The seed round was led by Gumi Cryptos Capital, with the protocol using staked XRP to backstop vaults against exploits.

Firelight, a cover protocol that uses staked XRP to backstop DeFi vaults against exploits, raised $8 million in a seed round led by Gumi Cryptos Capital.[^1] The protocol focuses on recovering losses from decentralized finance hacks, according to the announcement.[^2]

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