Firelight raises $8 million to enhance DeFi security for fintechs
- Firelight has successfully raised $8 million in funding.
- The protocol aims to assist fintechs and investors in recovering losses from DeFi hacks.
- XRP, bitcoin, and XLM holders can earn yield by backing the protection offered by Firelight.
- This initiative is designed to make DeFi less intimidating for financial technology companies.
The funds raised will help Firelight develop its protocol further, focusing on loss recovery mechanisms for DeFi hacks. By providing a safety net, it aims to attract more fintechs into the decentralized finance space.
With an investment of $8 million, Firelight seeks to enhance security measures in DeFi, potentially reassuring investors and users alike about the risks involved in this sector. (Source)
