Firelight Raises $8M to Expand DeFi Collateral Beyond XRP

BitcoinWorld Firelight Raises $8M to Expand DeFi Collateral Beyond XRP Firelight, a decentralized finance (DeFi) protocol, has secured $8 million in a funding round led by Gumi Cryptos Capital, with participation from Maven 11, Metalayer, Joint Effects, and Tribe Capital.

The company has not publicly detailed how it will allocate the funds, but it plans to launch its protocol and first DeFi service in September.

Funding and Strategic Focus The investment arrives at a time when DeFi protocols are increasingly seeking to broaden their collateral options to attract a wider user base.

Firelight is currently focused on expanding its collateral assets beyond XRP to include Bitcoin and Stellar, among others.