In a latest episode of the SlateCast, Nikolay Denisenko, Co-Founder and CTO of Brighty App, joined CryptoSlate‘s Senior Editor Liam “Akiba” Wright and CEO Nate Whitehill to debate the evolving panorama of neobanks and their integration with cryptocurrency. Denisenko, a former lead backend engineer at Revolut, shared insights on Brighty App’s mission to make crypto belongings extra accessible and usable in on a regular basis life.
Brighty App: A New Strategy to Crypto Banking
Denisenko defined the motivation behind creating Brighty App, stating:
“In Revolut, crypto was only for buying and selling, and I used to be considering, okay, let me create one thing the place we are able to use crypto, not only for buying and selling, however as an asset utility.”
Brighty App goals to offer a complete resolution for crypto customers, providing options resembling:
- Sending and receiving crypto
- Spending crypto with a card
- Linking playing cards to crypto accounts
- Implementing DeFi methods in a user-friendly interface
The platform focuses on making a seamless person expertise, drawing inspiration from Revolut’s method to UX design.
Regulatory Panorama and International Growth
Discussing the regulatory atmosphere, Denisenko expressed cautious optimism concerning the EU’s Markets in Crypto-Belongings (MiCA) regulation:
“What I’m feeling from this MiCA stuff is that crypto turns into extra comprehensible by the central monetary methods and central banks, and this offers extra acceptability of crypto itself.”
He believes this elevated acceptability might result in higher partnerships with conventional banks, doubtlessly increasing the companies Brighty can provide its clients.
Denisenko additionally revealed plans for growth into the UK market, stating:
“We’d launch Brighty in UK, and I do actually wish to try this as a result of I’ve a number of pals, ex-Revoluters, some pals who moved to UK, and so they actually wish to use Brighty.”
Addressing Misconceptions and Use Circumstances
When requested concerning the greatest false impression concerning crypto amongst conventional banking clients, Denisenko highlighted:
“I believe the most important false impression is that crypto is unsecure and it’s very unstable. So, and it can’t be used for utility.”
He emphasised that whereas belongings like Bitcoin and Ethereum are certainly unstable, they are often seen as store-of-value belongings much like gold or silver. Moreover, he identified the utility of stablecoins for remittances and cross-border funds.
Innovation and Entrepreneurship within the EU
Addressing considerations about innovation within the EU, Denisenko shared his expertise:
“We had no points launching a enterprise in Europe. As for now, it took a little bit bit extra time than it ought to should open a checking account for us, simply to do the wage funds for our workers on the first second, as a result of we’re a crypto-related firm.”
He famous that this problem truly revealed a use case for Brighty, as many related corporations face difficulties in opening financial institution accounts.
AI and Future Developments
Brighty can also be exploring the combination of AI in its funding platform. Denisenko defined:
“By way of AI, what we’re doing is optimizing the decision-making. So the selections turn into not biased. The AI simply analyzes the entire market primarily based on totally different attributes.”
Whereas nonetheless in its early phases, the AI-driven funding function has proven promising outcomes, with Denisenko mentioning a backtest efficiency of round 30% APY.
As Brighty App continues to develop and develop, it represents a brand new wave of fintech options that purpose to bridge the hole between conventional banking and the crypto world. By addressing key ache factors resembling usability, regulatory compliance, and misconceptions about cryptocurrency, Brighty is positioning itself as a possible chief within the evolving panorama of digital finance.
