Insights on Neobanking and Cryptocurrency with Nikolay Denisenko
In a recent episode of the SlateCast, Nikolay Denisenko, Co-Founder and CTO of Brighty App, engaged in a compelling discussion with CryptoSlate‘s Senior Editor Liam “Akiba” Wright and CEO Nate Whitehill. The conversation delved into the transforming world of neobanks and their intersection with cryptocurrency.
Brighty App: Revolutionizing Crypto Banking
Denisenko shared the driving force behind the creation of Brighty App:
“At Revolut, crypto was limited to trading. I envisioned a platform that uses crypto not just for trading but as a functional asset.”
The Brighty App aspires to be a holistic solution for cryptocurrency users, featuring:
- Instant sending and receiving of crypto
- The ability to spend crypto using a debit card
- Linking traditional bank cards to crypto accounts
- User-friendly implementation of DeFi strategies
With a strong emphasis on user experience, Brighty draws inspiration from Revolut’s renowned UX design.
Navigating the Regulatory Landscape and Strategic Expansion
Speaking on the regulatory climate, Denisenko expressed a balanced outlook regarding the EU’s Markets in Crypto-Assets (MiCA) regulation:
“The MiCA regulation indicates that crypto is becoming more comprehensible to central financial systems and banks, which fosters acceptance of cryptocurrencies.”
Denisenko anticipates that enhanced acceptance may lead to stronger partnerships with traditional banking institutions, broadening the services available to Brighty’s clientele.
He also discussed potential expansion plans into the UK market, stating:
“We are considering a launch in the UK. Many of my friends from Revolut have expressed interest in using Brighty.”
Dispelling Myths and Highlighting Practical Use Cases
When asked about prevalent misconceptions regarding cryptocurrency among conventional banking clients, Denisenko noted:
“The main misunderstanding is that crypto is insecure and excessively volatile. However, these assets can serve utility purposes.”
He emphasized that while cryptocurrencies like Bitcoin and Ethereum experience volatility, they can function as store-of-value assets akin to gold or silver. Moreover, he pointed to the effectiveness of stablecoins for remittances and international transactions.
Innovation and Entrepreneurial Spirit in Europe
Discussing the landscape of innovation in Europe, Denisenko shared his experiences:
“We encountered no significant barriers when launching our business in Europe. However, it took longer than expected to open a bank account for processing employee salaries since we operated within the crypto sector.”
This issue highlighted a practical need for Brighty, as many similar businesses struggle to establish banking relationships.
Leveraging AI for Future Growth
Brighty is investigating how to incorporate AI into its investment platform. Denisenko elaborated:
“Our AI initiatives focus on optimizing decision-making, eliminating biases and analyzing the entire market based on various factors.”
Although still in the development phase, the AI-enhanced investment features have shown promising outcomes, achieving backtest performance of around 30% APY.
As Brighty App moves forward in its journey, it signifies a new era of financial technology solutions aimed at unifying traditional banking and the cryptocurrency sector. By directly addressing significant issues such as usability, regulatory challenges, and public misconceptions, Brighty App positions itself as a potential frontrunner in the evolving digital finance landscape.
