Admirals' former CEO, Victor Gherbovet, recently launched a software-as-a-service (SaaS) technology company that offers services to crypto exchanges and traditional financial markets. Dubbed FirstByt, the new platform provides solutions, such as a crypto wallet, payment gateway, custody, and liquidity, among others.

Gherbovet served at Admiral Markets Group for more than 13 years until October 2021. According to his LinkedIn profile, he later founded Eight Capital, a company based in Romania, where he was the CEO for more than two years. The industry veteran previously worked for Asito Kapital and EXIMBANK.

Software Development Firm

According to LinkedIn, FirstByt has been in development since 2020. The company, which targets institutional and retail clients, has a presence in Lithuania and Romania. FirstByt's services are categorized under legal, compliance, and banking.

Gherbovet mentioned: "We've designed a suite of white-label software solutions that are proven by fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term clients who enjoy our customer-centered approach, ease of platform customizations, and continuous product enhancements."

"Our approach is that clients focus on the business operations while we take care of the whole tech side of things: software launch, licensing, regulatory compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term, payment solution or marketing, and, of course, ongoing maintenance."

A Seasoned Executive

In 2021, Admirals announced the appointment of Gherbovet as its Co-Chief Executive Officer, marking a significant shift in the firm's leadership. Gherbovet's tenure at Admiral Markets Group spanned various roles, starting as the Director of the Romanian branch in 2008 and later assuming the role of ESEU Regional Manager.

Meanwhile, Admirals recently temporarily suspended the registration of new clients in the EU due to regulatory challenges. In an email sent to Finance Magnates, the firm mentioned that trading and investing activities for existing clients were not affected by this "temporary and voluntary" suspension.

The firm's CEO and Co-Founder, Alexander Tsikhilov, said: "We are temporarily suspending the onboarding for Admirals Europe Ltd. This decision is related to our efforts to comply with and adapt to the recommendations of the CySEC regulator and affects only our activities in the EU countries. Our current customer base in Europe remains intact, and we will continue to ensure stable access for our clients to our products and services."