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 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 , 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."