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Top asset management team helps you profit without hassle
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Decentralized Finance protocol Spark has suspended its encryption application plans to focus on institutional-level infrastructure development.
Golden Finance reported that the DeFi protocol Spark has suspended its plans to launch a mobile application, citing its focus on the core competitiveness of DeFi native crypto assets and the highly 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. According to reports, the protocol will focus on “liquidity infrastructure and transactions similar to our recent $1 billion investment in PYUSD and PayPal using our own balance sheet,” indicating its focus on institutional user scenarios rather than creating solutions more suitable for retail investors. When asked whether the mobile application has been canceled or merely postponed, Phoenix Labs CEO Sam MacPherson stated, “Development is currently on hold. The situation may change, but the key lies in the market; you have to see the opportunity, and there is no opportunity for us right now.”