On a recent episode of SlateCast, we were joined by Nikolai Denisenko, co-founder and CTO of Brighty App crypto slate” Senior Editor Liam “Akiba” Wright and CEO Nate Whitehill discuss the evolving landscape of neobanks and their integration with cryptocurrencies. Denisenko, a former lead backend engineer at Revolut, shared insights about Brighty App's mission to make crypto assets more accessible and usable in everyday life.
Brighty App: A new approach to crypto banking
Denisenko explained his motivation for creating the Brighty App:
“At Revolut, cryptocurrencies were just for transactions. I wanted to create something that could use cryptocurrencies as an asset utility, not just transactions.”
The Brighty app aims to provide a comprehensive solution for cryptocurrency users and offers features such as:
- Sending and receiving cryptocurrencies
- spend cryptocurrencies with cards
- Link your card to your cryptocurrency account
- Implement your DeFi strategy with a user-friendly interface
The platform takes inspiration from Revolut's approach to UX design and focuses on creating seamless user experiences.
Regulatory status and global expansion
Mr. Denisenko discussed the regulatory environment and expressed cautious optimism regarding the EU's Markets in Cryptoassets (MiCA) regulation.
“My sense from this MiCA case is that cryptocurrencies will be better understood by central financial systems and central banks, which will lead to more acceptance of cryptocurrencies themselves.”
He believes this increased acceptance could lead to better partnerships with traditional banks and allow Brighty to expand the services it can offer its customers.
Denisenko also revealed plans to expand into the UK market, saying:
“We might launch Brighty in the UK. I really want to do that because I have a lot of friends who are ex-Revolutionaries and have moved to the UK. They really want to use Brighty. is.”
Addressing misconceptions and use cases
When asked about the biggest misconceptions about cryptocurrencies among traditional banking customers, Denisenko emphasized:
“I think the biggest misconception is that cryptocurrencies are not secure and highly unstable. Therefore, they cannot be used for any practical purpose.”
He emphasized that while assets like Bitcoin and Ethereum are certainly volatile, they can be considered stores of value similar to gold and silver. Furthermore, he pointed out the usefulness of stablecoins in remittances and cross-border payments.
Innovation and entrepreneurship in the EU
Addressing concerns about innovation in the EU, Denisenko shared his experience:
“We had no problems setting up our business in Europe. As we are a crypto-related company, at the beginning we had to open a bank account just to pay our employees. It took longer than necessary to open.”
He pointed out that this challenge actually revealed a use case for Brighty, as many similar businesses face difficulties opening bank accounts.
AI and future developments
Brighty is also looking to integrate AI into its investment platform. Denisenko explained:
“When it comes to AI, what we are doing is optimizing decision-making, so the decisions are unbiased. AI just analyzes the entire market based on different attributes.”
AI-driven investing capabilities are still in their early stages, but have shown promising results, with Denisenko saying backtest performance is around 30% APY.
Brighty App continues to develop and expand and represents a new wave of fintech solutions aimed at bridging the gap between traditional banking and the world of cryptocurrencies. Brighty positions itself as a potential leader in the evolving digital financial landscape by addressing key pain points such as usability, regulatory compliance, and misconceptions about cryptocurrencies.
