DeFi giant Spark shelves crypto app plans to focus on institutional infrastructure

According to CoinDesk, DeFi giant Spark has temporarily shelved its plans to launch a mobile application.

Sam MacPherson, CEO of Phoenix Labs, stated that they will focus on their core strengths, which is "liquidity infrastructure and trading in the DeFi space." Previously, they made a $1 billion investment in PayPal's PYUSD.

MacPherson pointed out that they need to ensure they have an advantage when entering the consumer application market, as the current market opportunities are not clear to them. Therefore, Spark will shift its focus to institutional use cases rather than developing more retail-oriented solutions. He mentioned that the application plans are "temporarily shelved," but there is still a possibility of change in the future.