FNG Exclusive Interview… Following our FNG Exclusive report from earlier this month that former Admirals co-CEO Victor Gherbovet had launched a new broker white label and tech solutions company called FirstByt, we’re pleased to follow up with a more detailed conversation with Victor.
What will FirstByt be doing?
How does FirstByt plan to help CFD brokers better integrate crypto trading?
We discuss these issues and a lot more with Victor. Read on below…
FNG: Hi Victor, and thanks for joining us today. Please let us know a little more about FirstByt, and what it is you do.
Victor: Pleasure is mine, and thank you for inviting me.
In a nutshell, Firstbyt serves as an All-in-One Shop for Brokerage Solutions. Fundamentally, we operate as a Technology Provider, with our flagship offering being a SaaS Multi-Asset Trading Platform. However, our identity goes beyond that of a technology company.
Right from the start, we partner with clients to understand their vision and fill in any gaps they might have. Together, we move with them from the idea to practical steps and with tangible results at the most efficient cost possible.
We guide them through legal matters, helping them choose the best location to operate in and ensuring they navigate the ever-changing regulatory landscape smoothly. We offer tailored payment options and connect clients with processing and banking solutions through our network of partners.
Of course, our primary focus remains on our product, which stands as an easily configurable modular platform. Designed to align seamlessly with clients’ aspirations regarding instrument offerings and backend capabilities, our platform serves as the core of our value proposition.
FNG: After your experience running Admirals there are probably quite a number of options you had for the “next stage” of your career in the online trading sector. Why (and how) did you decide to start FirstByt?
Victor: Well, I can say that since I started in the top management position, various options kept popping up, but after I left Admirals, I found myself with a couple of intriguing and challenging paths to consider. So, in order to recharge and figure out my next move, I stepped away from the operational side and delved into researching Trading Products from every angle. I gathered invaluable insights, particularly during my consultancy work in 2022, where I tackled various projects and immersed myself in the issues companies were grappling with.
It became evident to me that the next significant stride in the industry would involve bridging the gap between Crypto Products and Traditional Products. I realized that a platform facilitating this transition at a reasonable cost would be akin to building a bridge, bringing everything under one umbrella. From there, the transition to Firstbyt felt like a natural progression.
Building the team proved to be the most challenging aspect. I wasn’t just seeking skills; I was searching for specific profiles of partners who, when brought together, could create a harmonious synergy.
FNG: From your perspective as a former senior manager with a globally focused broker, what do you see as the main areas where brokers can generally improve on? And how does FirstByt fit into that?
Victor: The main problem of FX/CFD brokers is the fast adaptation to current reality. They grapple with ever-changing regulatory changes, adjusting their products and offerings to stay on the legal side, often at the expense of client satisfaction. Taking a bird’s-eye view, it’s clear that companies that prioritize their clients, not just in rhetoric but in their processes, are the ones that succeed.
Companies need to offer a seamless experience to their clients, starting from the first touch of their product and throughout the entire journey, all while ensuring compliance and legality. Remaining flexible and client-centric while also being cost-efficient in such an environment is a necessity.
So, to stand out, you must run. Your offer must align with current market trends (just imagine how many clients are trading Crypto Products vs CFD products). You must be able to quickly integrate KYC, KYT, Custody, and Payment providers that better suit you and your clients/potential clients.
Doing all of this in-house entails a significant cost of resources and may require sacrificing some business opportunities to prioritize integrations.
This is where we come in. Our Product offers a flexible and modular approach to your offerings (Spot, Margin, CFDs, Loans..) and is also flexible towards integrations (we have already integrated the best solutions on the market for KYC, KYT, Custody, Payments.., and we can quickly adjust to incorporate new ones upon request). This flexibility makes it easy to introduce our platform into the current offerings of existing brokers and choose the best providers that suit their Client Target segment.
FNG: What are the main areas of challenge (and also opportunity) for FX/CFD brokers going forward? How does crypto trading fit in? In what ways can you help?
Victor: The main areas of challenge and opportunity for FX/CFD brokers moving forward revolve around adaptability and innovation. With the rapid evolution of regulatory landscapes and client expectations, brokers face the constant challenge of staying compliant while delivering exceptional customer experiences. Additionally, the emergence of crypto trading presents both challenges and opportunities for traditional brokers.
Crypto trading introduces a new dimension to the market, offering alternative investment opportunities and attracting a different clientele. However, integrating crypto trading into existing brokerage offerings requires careful navigation of regulatory frameworks and technological advancements.
At FirstByt, we recognize these challenges and opportunities. Our platform is designed to empower brokers to embrace the changing landscape by offering a flexible and modular approach to their offerings. We facilitate seamless integration of crypto trading capabilities alongside traditional products, enabling brokers to cater to a diverse range of clients and stay ahead of the curve.
By providing access to best-in-class solutions for KYC, KYT, Custody, and Payments, we enable brokers to streamline their operations and focus on delivering value to their clients. Our agile approach allows us to quickly adapt to market trends and regulatory requirements, ensuring that brokers can seize opportunities and overcome challenges effectively.
FNG: What else can we expect to hear from FirstByt in the coming months?
Victor: In the upcoming months, our primary focus at FirstByt is on scaling our current CEX solution.
We aim to onboard all clients in our pipeline and streamline the White Label process to ensure a smooth and efficient experience for all users. Additionally, we are expanding our DEX Dev Team to support the development of our upcoming DEXSolution. Our DEX Solution will provide current White Label Users with a comprehensive range of products, enhancing their trading capabilities and empowering them to navigate the decentralized exchange landscape seamlessly.
Our ultimate goal is to achieve a streamlined onboarding process for clients, positioning ourselves as the ultimate One Stop Shop for Traditional, CEX, and DEX solutions all in one place. Drag and Drop environment which will ensure a rapid and efficient experience for our clients. Stay tuned for more updates on our progress and the unveiling of our DEX Solution!
