5 growth directions for Electrocoin

Opportunity

• 12 of the 17 firms in Hanfa's VASP register did not receive a licence and, since 1 July 2026, may not provide crypto services⁴³.
• Without a licence: Adria Digital Exchange, HODL Store, Blok Be, Fintrax, Moneysail, Marinix275, BD Innovation Hub, DUPLICO, Cana Pay, FiatBit Technologies, CREDOS and M obrada⁵².
• HODL Store, Blok Be and Fintrax offered the widest range of services, all including crypto custody for clients⁵. Adria Digital Exchange was founded in 2023 by the Zagreb Stock Exchange (24%) together with Digital Assembly⁶.
• On 29 July 2026 Hanfa ordered Fima Plus of Varaždin to cease its crypto services and return assets to clients⁷.

Proposal: agreements with these firms for an orderly transfer of their clients to Electrocoin, with each client's consent, plus a "switch to the first Croatian licensed platform" campaign. The existing licence already covers buying, selling and custody of crypto², so no extension is needed for this.

A licence does not transfer when a company is bought, so the value lies in the clients, contracts and people, not in the company itself. This is our estimate based on MiCA's licensing rules⁸. How many clients these firms have has not been made public.

Current position

• The customer pays in crypto and the merchant receives euros. The merchant pays no fee: around 2–2.5% is borne by the customer or shared⁹¹⁰.
• In 2022 PayCek had more than 400 merchants on more than 2,000 POS devices¹¹. The best known are Hrvatska pošta, Tifon at all 46 of its stations, Konzum's online shop and LAQO insurance^12131415.
• PayCek also accepts stablecoins (USDT, USDC, EURC and others), but pays merchants out in euros only⁹. Lithuania's CoinGate already offers merchants payouts in crypto and stablecoins¹⁶.

Proposal: bring new merchants onto PayCek.

We found no public merchant count more recent than the 2022 figure.

What we checked

• Bitomat ATMs are currently out of service. Bitomat.com lists 17 ATMs in Croatia¹⁷. The Croatian page states that they are temporarily unavailable: the machines remain at their locations but cannot be used while the authorisation process under the MiCA regulation is under way¹⁸. The same locations, e.g. Pula (Max City), are run by the Polish network Shitcoins.club¹⁹.
• Neither Bitomat nor Shitcoins.club is in Hanfa's register of licensed firms², and since 1 July 2026 only firms with a MiCA licence may provide crypto services³.

Proposal: 17 Bitomat ATMs are sitting at their locations, out of service. Electrocoin holds a licence for exchanging crypto for money, which also covers ATMs², so it can offer the operator to buy the machines, take over the locations or run those ATMs under its own licence. Together with more than 50 post offices offering crypto for cash¹², it would gain a network available 24/7.

Current position

• Electrocoin is developing a module that banks embed in their apps, with partners in Slovenia, Bosnia and Herzegovina and Hungary²⁰.
• No bank publicly uses the module. The company says it is "already in the development phase" with Croatian banks, but does not name them²¹. Its only known B2B partners are not banks: Hrvatska pošta, Exclusive Change and merchants via PayCek²².
• Competition is already here: Aircash has offered crypto via Bitpanda since 2025²³, and in September 2026 the Raiffeisen group is rolling out Bitpanda in 11 markets, for 18M clients²⁴²⁵. In Germany, Boerse Stuttgart Digital does this for DekaBank and the savings banks²⁶.

Proposal: target domestic banks that have no foreign parent partner for crypto. Electrocoin's advantages are the local regulator, the language and a licence valid in 30 EEA countries¹²⁷. The window is closing as Bitpanda moves into banks in the region.

Model

• In Q2 2026 Robinhood had 28.4M funded clients, $369bn in platform assets and $1.31bn in revenue, of which $100M came from crypto²⁸.
• In the EU it operates through a Lithuanian company with a MiCA licence for custody, transfer, execution, and reception and transmission of orders, plus a separate brokerage licence (MiFID) for shares²⁹.
• Since July 2025 it has offered EU users tokens for more than 200 US shares and ETFs, commission-free³⁰.

Electrocoin today

An app and website with 60+ cryptocurrencies, fixed pricing, bill payment in crypto and payouts to an IBAN³¹. Alongside crypto, Bitpanda and Revolut already offer shares, savings plans and staking³²³³.

Proposal: develop the existing app in this direction, step by step: first a savings plan and crypto transfers, then shares. For this Robinhood has services that Electrocoin lacks (transfer, execution, and reception and transmission of orders: KI5, KI7 and KI10), and shares require a separate investment firm licence²²⁹.