In the first half of this year, Victor Gherbovet, who previously collaborated with the FX/CFD broker Admirals for over a decade, decided to launch his own software-as-a-service (SaaS) technology company, FirstByt. Now, as Finance Magnates exclusively learned, the company is introducing a white-label solution for firms looking to launch their own decentralized cryptocurrency exchange (DEX) within a few days.

FirstByt Launches DEX White Label Solution on Solana, Eyes Multi-Chain Expansion

FirstByt unveiled its first products in April this year, though the company had been in development for the past few years. Now, as Finance Magnates has learned, the company is introducing one of the first DEX white label solutions on the market, dubbed DexTrader.PRO starting with the Solana blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term.

The platform, which can be deployed in just 24 to 48 hours, offers a suite of customizable features including SWAP functionality, limit orders, and dollar-cost averaging (DCA) tools. As Gherbovet stated exclusively for Finance Magnates, this fast setup time represents an important shift in an industry where DEX deployments typically require more extensive timeframes.

“While we're starting with Solana due to its high-speed and low-cost transactions, we're actively planning to expand to other prominent blockchains like Ethereum, Binance Smart Chain, and Polygon,” the FirstByt’s CEO and Co-Founder added.

However, the move towards multi-chain compatibility is part of FirstByt's strategy to bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met Read this Term the gap between decentralized finance (DeFi) and traditional finance (TradFi).

“We're aiming to introduce decentralized money management features alongside traditional financial instruments like Forex, commodities, and Indices, creating a comprehensive solution for both crypto-native traders and those transitioning from traditional markets,” Gherbovet shared.

🚀 The future of finance is decentralized! 🚀

We are on the cusp of a new era of innovation. The future is decentralized, and it’s being built today! If you haven't already, now is the time to start investing in products and services that drive blockchain adoption.

At FirstByt,… pic.twitter.com/dODyrMrIFc

— FirstByt (@first_byt) September 14, 2024

FirstByt's white-label solution offers customization options for businesses. These include user interface personalization, feature selection, and the ability to set custom commission and fee structures. “Our goal is to provide businesses with the flexibility to tailor the platform to their specific needs while leveraging our robust technology,” Gherbovet added.

Security also remains a priority for FirstByt. The platform incorporates multiple layers of protection, including smart contract audits, decentralized custody, and encryption measures to safeguard users and their assets.

The launch of FirstByt's DEX solution comes at a time of growing competition between decentralized and centralized exchanges. As the crypto industry places increasing emphasis on security and transparency, DEXs are emerging as viable alternatives to traditional centralized platforms.

Gherbovet is not the only former Admirals executive who decided to go independent this year. Previously, Bartosz Bielec, a market veteran with 20 years of experience, launched a new CFD business named Prime Quotes. Bielec had previously served as a long-time director and Board Member at Admirals and was also the Chief Commercial Officer at Alpari.