DeFi protocol Spark has suspended plans to launch a mobile app, citing its focus on the core competencies of DeFi's native cryptocurrency and a competitive market. The protocol will instead focus on "liquidity infrastructure and trading", such as the recent $1 billion investment in PayPal's PYUSD, targeting institutional use cases.
The agreement is understood to focus on "liquidity infrastructure and transactions like the one we recently used our own balance sheet to invest $1 billion in PYUSD and PayPal", suggesting that the focus is on institutional user scenarios rather than creating solutions that are more suitable for retail investors. Asked if the mobile app was cancelled or just postponed, Phoenix Labs chief executive Sam MacPherson said "development is on hold for now. Things may change, but the key is the market; you have to see an opportunity, and right now there is no opportunity for us."
DeFi protocol Spark shelves plans for crypto applications to focus on institutional infrastructure building
2025-11-19 21:57:27
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