The world of digital money is evolving at a rapid pace. The total crypto market cap sits comfortably above the $1 trillion mark despite a multi-year drawdown, while digital banking solutions such as Revolut have become multi-billion-dollar companies in recent years.
The demand for fast, easy, and convenient financial applications has never been greater than it is right now.
A warming global environment for digital finance provides the perfect backdrop for the launch of Brighty App.
It’s a comprehensive financial application that combines elements of both traditional and decentralized finance. Brighty App allows its users to open Web3-connected IBAN accounts and cryptocurrency wallets while supporting a range of useful financial features and services that are fully compliant with national and international regulations.
Before jumping into the deep end to analyze everything that Brighty App has to offer, let’s go over its main advantages and disadvantages:
| Advantages | Disadvantages |
|---|---|
| Personal IBAN accounts supporting multiple fiat currencies, cryptocurrency accounts (via an in-App wallet that is as simple as a standard bank account), support of all major stablecoins | Currently, the range of support coins is limited |
| Instant conversions of cryptocurrencies, (incl. stablecoins), and fiat currencies | |
| Low or no fees for all transfers | |
| Earn up to 8% annual yield on cryptocurrencies via Brighty Earning Vaults (incl. support for all stablecoins as well as ETH, ADA, XTZ) | |
| A debit card that allows users to pay in crypto or fiat (coming soon) |
How does Brighty App work?
Opening accounts
IBAN Account
Brighty App enables its users to easily open personal bank accounts. IBAN accounts come equipped with all the same features as traditional bank accounts, enabling simple money transfers both locally and internationally using SEPA, SWIFT, or FPS.
Brighty App offers multi-currency accounts supporting EUR (with support for GBP and USD being in the works). The platform supports instant conversions between fiat currencies at the current market exchange rate, providing a simple method of diversifying fiat holdings.
Brighty App’s IBAN accounts can help users to offset FOREX fluctuations and save money while travelling. It also provides a dedicated debit card known as Brighty Card, which allows users to spend in all fiat currencies that are stored in the IBAN account.
Crypto Account
Brighty App users can seamlessly open a crypto account and take advantage of low or no transaction fees. The platform’s integrated crypto wallet supports yield generation utilizing leading crypto assets, in particular, Ethereum (ETH). Crypto assets can be transferred to other Brighty App users in an instant or sent to external wallets.
Stablecoin Account
Brighty App’s Stablecoin Account supports leading stablecoins, including USDT, EURT, and USDC. Assets can be transferred directly into the Brighty’s Earning Vaults, where Brighty App maintains over 100% collateralization to protect user funds.
Image via brighty.app
Transferring assets between accounts
Brighty App has an integrated swap function that enables instant currency conversions. Whether seeking to swap between stablecoins, other cryptocurrencies, or fiat currency, Brighty App enables secure and instant transfers between registered accounts with reduced transaction fees.
The instant conversion between crypto assets unlocks reduced waiting times when compared to blockchain-based swaps. On balance, Brighty App provides a highly convenient method of storing fiat and crypto assets, with seamless in-App swaps that reduce transaction costs and confirmation speeds.
Brighty Card: A debit card that supports crypto and fiat transactions
Brighty Card is a debit card that will allow users to spend money from any linked account. Whether seeking to spend in fiat through the IBAN Account, Bitcoin through the Crypto Account, or USDC through the Stablecoin Account, Brighty Card enables users to spend their money online or in physical stores and shops.
For users who opt for a physical Brighty Card, the debit card comes with an attractive fluorescent design. It can also be acquired as a purely digital debit card that can be linked to Apple Pay and Google Pay.
All transactions made using Brighty Card benefit from low or no fees, with all necessary currency conversions being made at the current market rate. It provides a convenient method of spending crypto in physical stores around the world, in addition to the standard functions of traditional debit cards.
Brighty Card, via brighty.app
Beating inflation with up to 8% interest in Brighty App’s Earning Vaults
Brighty App offers Earning Vaults that offer up to 8% annual percentage yield (APY). Users can generate yield in different cryptocurrencies, incl. all supported stablecoins, and earned interest to beat inflation.
The flexible interest rate offered by Brighty App is one of the best rates on the market. It outperforms savings accounts in most high-trust financial jurisdictions as well as rates that can be found on leading DeFi platforms.
For example, users can store USDT in an Earning Vault on Brighty App and earn up to 8% annual yield. With Aave, USDT staking earns only a 2.76% yield on Ethereum, while Curve Finance’s 3Pool staking earns 1.08% for stablecoins at the current rate.
Is Brighty App compliant with regulations?
Brighty App was created by Razz Finance AG, which is incorporated in Switzerland. The company is fully regulated and operates within the scope of the rules set forth by the Financial Services Standards Association (VQF) in Switzerland and the Financial Conduct Authority (FCA) in the UK.
The company holds all crypto assets at a ratio that is higher than 1:1, meaning that it is an overcollateralized crypto custodian. This, along with the strict separation of user accounts (IBAN, Crypto, and Stablecoin), helps to protect Brighty App against cryptocurrency market volatility.
With regard to Brighty App’s IBAN accounts, fiat currencies stored on the app are fully safeguarded by the company’s banking partner in the UK. To summarise, Brighty App is fully compliant with EU and international financial regulations and laws and has taken extensive measures to ensure the security of user funds.
Final Thoughts
Brighty App offers a safe, secure, and convenient digital wallet solution that incorporates elements from both traditional and decentralized finance.
The platform is fully compliant with applicable regulations in the European Union, the United Kingdom, and Switzerland and does the utmost to ensure the safety of user funds, which gives it a good chance to become a leading CeDeFi platform over the coming years
Source: https://coincodex.com/article/31562/brightly-app-review/