DeFi Giant Spark Shelves Crypto App Plans to Focus on Institutional Infrastructure
Decentralized finance (DeFi) giant Spark has shelved its plans to launch a mobile app, for now.
“We had an internal discussion and we’re going to put it on pause for now just because we view our edge as largely in the DeFi-native crypto space,” Sam MacPherson, CEO of Phoenix Labs, told CoinDesk in an interview during Devconnect Buenos Aires. “We are not builders of consumer apps, and this space is very competitive.”
Phoenix Labs is the company behind the development of the Spark protocol, which to date has amassed over $9 billion in total value locked, according to data from DeFiLlama.
“If and when we do go in, we need to be certain we have some sort of edge there. I think there’s a tendency for projects to get…
