Firelight, a protocol specializing in decentralized finance (DeFi) insurance, has successfully closed an $8 million funding round. The project, which provides coverage for digital assets, intends to leverage these new funds to broaden its operational scope.

Currently, Firelight’s services are primarily centered on the XRP ecosystem. With this new injection of capital, the protocol aims to integrate support for Bitcoin and Stellar (XLM). By expanding into these major assets, Firelight seeks to increase its market footprint within the DeFi insurance sector, a niche that aims to protect users against smart contract failures or other platform-specific risks. The announcement marks a significant milestone for the project as it attempts to diversify its asset offerings and attract a wider user base beyond the XRP community.