In a recent episode of the SlateCast, Nikolay Denisenko, Co-Founder and CTO of Brighty App, discussed the evolving landscape of neobanks and their relationship with cryptocurrency. He joined CryptoSlate’s Senior Editor Liam “Akiba” Wright and CEO Nate Whitehill to share insights on Brighty App’s mission to enhance the accessibility and usability of crypto assets in everyday life. Denisenko, a former lead backend engineer at Revolut, emphasized the need for crypto not just as a trading tool but as a utility.
Regulatory Landscape and Global Expansion
Denisenko expressed cautious optimism regarding the EU’s Markets in Crypto-Assets (MiCA) regulation. He believes that this regulation will foster a better understanding of cryptocurrency among central financial systems and banks, which could lead to greater acceptance of crypto. This acceptance may open up new partnerships with traditional banks, expanding the services that Brighty can offer. Denisenko also mentioned plans for the company’s expansion into the UK market, stating that many of his friends from Revolut are eager to use Brighty there.
Addressing Misconceptions and Use Cases
When discussing misconceptions about cryptocurrency among traditional banking customers, Denisenko pointed out that many view crypto as insecure and highly volatile. He clarified that while assets like Bitcoin and Ethereum do exhibit volatility, they can be considered as stores of value, akin to gold or silver. He also highlighted the practical uses of stablecoins for remittances and international payments.
Innovation and Entrepreneurship in the EU
Regarding innovation within the EU, Denisenko shared his experiences launching a business in Europe. He noted that while opening a bank account for salary payments took longer than expected due to Brighty being a crypto-related company, this challenge illuminated a significant use case. Many similar businesses face hurdles in establishing banking relationships.
AI and Future Developments
Brighty is also investigating the role of AI in its investment platform. Denisenko explained that their AI aims to optimize decision-making processes, eliminating bias by analyzing market data through various attributes. Though still in its initial phases, this AI-driven investment feature has yielded promising results, boasting a backtested performance of approximately 30% APY.
As Brighty App continues to grow, it symbolizes a new era of fintech solutions that seek to connect traditional banking with the crypto space. By tackling challenges such as usability, regulatory compliance, and misconceptions about cryptocurrency, Brighty is positioned for significant impact in the financial technology landscape.
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