The rise of crypto neobanks: Nikolai Denisenko on Brighty’s mission
In a recent 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 discuss the evolving landscape 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 assets more accessible and usable in everyday life.
Brighty App: A New Approach to Crypto Banking
Denisenko explained the motivation behind creating Brighty App, stating:
“In Revolut, crypto was just for trading, and I was thinking, okay, let me create something where we can use crypto, not just for trading, but as an asset utility.”
Brighty App aims to provide a comprehensive solution for crypto users, offering features such as:
- Sending and receiving crypto
- Spending crypto with a card
- Linking cards to crypto accounts
- Implementing DeFi strategies in a user-friendly interface
The platform focuses on creating a seamless user experience, drawing inspiration from Revolut’s approach to UX design.
Regulatory Landscape and Global Expansion
Discussing the regulatory environment, Denisenko expressed cautious optimism about the EU’s Markets in Crypto-Assets (MiCA) regulation:
“What I’m feeling from this MiCA stuff is that crypto becomes more understandable by the central financial systems and central banks, and this gives more acceptability of crypto itself.”
He believes this increased acceptability could lead to better partnerships with traditional banks, potentially expanding the services Brighty can offer its customers.
Denisenko also revealed plans for expansion into the UK market, stating:
“We might launch Brighty in UK, and I do really want to do that because I have a lot of friends, ex-Revoluters, some friends who moved to UK, and they really would like to use Brighty.”
Addressing Misconceptions and Use Cases
When asked about the biggest misconception regarding crypto among traditional banking customers, Denisenko highlighted:
“I think the biggest misconception is that crypto is unsecure and it’s very volatile. So, and it cannot be used for utility.”
He emphasized that while assets like Bitcoin and Ethereum are indeed volatile, they can be viewed as store-of-value assets similar to gold or silver. Additionally, he pointed out the utility of stablecoins for 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 issues launching a business in Europe. As for now, it took a little bit more time than it should have to open a bank account for us, just to do the salary payments for our employees at the first moment, because we are a crypto-related company.”
He noted that this challenge actually revealed a use case for Brighty, as many similar companies face difficulties in opening bank accounts.
AI and Future Developments
Brighty is also exploring the integration of AI in its investment platform. Denisenko explained:
“In terms of AI, what we’re doing is optimizing the decision-making. So the decisions become not biased. The AI just analyzes the whole market based on different attributes.”
While still in its early stages, the AI-driven investment feature has shown promising results, with Denisenko mentioning a backtest performance of around 30% APY.
As Brighty App continues to develop and expand, it represents a new wave of fintech solutions that aim to bridge the gap between traditional banking and the crypto world. By addressing key pain points such as usability, regulatory compliance, and misconceptions about cryptocurrency, Brighty is positioning itself as a potential leader in the evolving landscape of digital finance.
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