Firelight raises $8M to expand its DeFi protection protocol beyond XRP, targeting fintechs with faster recovery from losses tied to DeFi hacks

Firelight is weighing additional liquid assets that lack natural yield as eligible collateral, CEO Anthony DeMartino told CoinDesk. The company targets fintechs, neobanks and payments firms integrating onchain yield products, offering protection against exploits that could block product launches. "This isn't built for degens," DeMartino said, positioning the protocol as a protection layer for new capital entering DeFi. He expects bank deposits to migrate into stablecoin-powered fintech earn products; Sentora is developing such yield offerings for payroll and remittance platforms. Firelight cites roughly $80 billion locked in DeFi, with only a fraction of a percent covered by onchain protection.

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