DeFi Giant Spark Shelves Crypto App Plans to Focus on Institutional Infrastructure
DeFi giant Spark has paused plans for a mobile app to concentrate on institutional infrastructure and liquidity deals.Summary
Spark, the company behind the Spark protocol which has over $9 billion in total value locked, has decided to put its plans for a mobile app on hold. Sam MacPherson, CEO of Phoenix Labs (the development company for Spark), stated that their core strength lies in the DeFi-native crypto space, and they are not builders of consumer apps in a highly competitive market. Instead, the protocol will double down on what it does best: liquidity infrastructure and deals, citing their recent $1 billion investment on their balance sheet into PayPal's PYUSD as an example of this institutional focus. MacPherson clarified that the app is "paused for now," contingent on future market opportunities, contrasting their decision with Aave's recent launch of a retail yield app.
(Source：CoinDesk)