Spark shifts focus as revenue falls 75%
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- Spark shelved its consumer app and shifted towards providing crypto infrastructure to other financial platforms.
- Annual revenue fell from about $80 million to roughly $20 million, according to Phoenix Labs CEO Sam MacPherson.
- Spark has $260 million in Bitcoin-backed OTC loans and is targeting $1 billion by year-end.
Spark shelved its consumer app indefinitely and now supplies crypto infrastructure to platforms including Robinhood.
Spark’s annual revenue fell 75% from about $80 million during the bull market to roughly $20 million today.
“Consumer apps are extremely hard to compete in,” said Phoenix Labs CEO Sam MacPherson.
Spark moved about $150 million into Uniswap (CRYPTO:UNI) pools, which routed roughly $1.5 billion within 30 days.
MacPherson said Spark has $260 million in Bitcoin (CRYPTO:BTC)-backed OTC loans and is targeting $1 billion by year-end.
Robinhood Earn uses a Morpho vault holding more than $200 million, with Spark supplying one source of funds.
Spark is also seeking credit ratings from S&P and Moody’s as it expands its services for institutional clients.
At the time of reporting, Uniswap price was $4.14.
