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 property 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 pondering, 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 supply a complete answer for crypto customers, providing options comparable to:
- 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 consumer expertise, drawing inspiration from Revolut’s strategy to UX design.
Regulatory Panorama and International Enlargement
Discussing the regulatory surroundings, Denisenko expressed cautious optimism in regards to the EU’s Markets in Crypto-Property (MiCA) regulation:
“What I’m feeling from this MiCA stuff is that crypto turns into extra comprehensible by the central monetary techniques and central banks, and this provides extra acceptability of crypto itself.”
He believes this elevated acceptability might result in higher partnerships with conventional banks, doubtlessly increasing the providers Brighty can provide its clients.
Denisenko additionally revealed plans for growth into the UK market, stating:
“We would launch Brighty in UK, and I do actually wish to try this as a result of I’ve lots of associates, ex-Revoluters, some associates who moved to UK, and so they actually want to use Brighty.”
Addressing Misconceptions and Use Instances
When requested in regards to the largest 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 property like Bitcoin and Ethereum are certainly unstable, they are often seen as store-of-value property just 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 somewhat bit extra time than it ought to must 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 really revealed a use case for Brighty, as many related firms face difficulties in opening financial institution accounts.
AI and Future Developments
Brighty can be exploring the combination of AI in its funding platform. Denisenko defined:
“When it comes to AI, what we’re doing is optimizing the decision-making. So the choices turn out to be not biased. The AI simply analyzes the entire market based mostly 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 intention to bridge the hole between conventional banking and the crypto world. By addressing key ache factors comparable to usability, regulatory compliance, and misconceptions about cryptocurrency, Brighty is positioning itself as a possible chief within the evolving panorama of digital finance.