Firelight Raises $8M to Bring DeFi Hack Protection to Fintechs

·1 views

Firelight, a decentralized finance protocol, has raised $8 million as it expands its services beyond the XRP ecosystem. The platform is designed to help fintechs and investors recover losses more quickly in the event of DeFi hacks or exploits. To fund this protection layer, holders of XRP, Bitcoin, and Stellar (XLM) can earn yield by backing the coverage. The move reflects growing demand for risk-mitigation tools as institutional interest in DeFi continues to rise.

Read the full story at CoinDesk

This is an AI-generated summary. ShortSingh links to the original source for the complete article.

Discussion (0)

X Users Report Unsolicited Password Reset Emails, No Breach Confirmed

Several cryptocurrency industry professionals and CoinDesk staff members received unexpected password reset emails from X on Tuesday. The emails were unsolicited, meaning users had not requested any password changes. There is currently no evidence suggesting that X's systems have been compromised or breached. The cause of the unusual email activity remains unclear at this time.

0 comments Read more at CoinDesk

Crypto & Web3CoinDesk ·

Bitcoin Faces Historically Weak September Amid Renewed Rate-Hike Concerns

Bitcoin is entering September, a month that has historically delivered poor returns for the cryptocurrency. The combination of seasonal weakness and renewed fears of interest rate hikes is putting pressure on the asset. Risk assets broadly tend to underperform during this period, and bitcoin is no exception to that trend. Traders and analysts are cautioning that the ongoing rally could face significant headwinds in the weeks ahead.

0 comments Read more at CoinDesk

Crypto & Web3CoinDesk ·

Ethena Pay Launches 6% Savings Rate and 5% Cashback Card on Avalanche

Ethena has introduced Ethena Pay, a product aimed at bringing stablecoins into everyday financial use. The offering includes a dollar-denominated savings account yielding 6% annually, significantly above traditional bank rates. Users also receive 5% cashback on card spending, making it competitive with mainstream fintech products. Ethena uses the Avalanche blockchain for transaction settlement. The move signals growing ambition among crypto-native firms to challenge conventional retail banking services.

0 comments Read more at CoinDesk

Crypto & Web3CoinDesk ·

UK Crime Agency Freezes £10.7M Premier League Account in Crypto Probe

The UK's National Crime Agency has frozen a Premier League bank account holding approximately $13.5 million as part of a cryptocurrency crime investigation. The funds in question are linked to a $140 million sponsorship agreement between the Premier League and fantasy sports crypto platform Sorare. Authorities clarified that the Premier League itself is not suspected of any wrongdoing in the matter. The freeze appears to target the origin or movement of the funds rather than any alleged misconduct by the league.

0 comments Read more at CoinDesk