ECD

What ECD does

ECD (legally MCM 965 doo) is the first and self-described largest cryptocurrency exchange platform in Serbia, founded in 2012 and headquartered in Belgrade. The company operates a vertically integrated crypto financial services stack consisting of an online exchange (exchange.ecd.rs), a Fireblocks-secured digital wallet available on web and mobile (Android/iOS), a network of three physical crypto ATMs (kriptomati) across Belgrade and Novi Sad, and a 30+ partner verification location network for in-person onboarding. The platform supports 19+ cryptocurrencies plus tokenized U.S. equities (xStocks) and tokenized gold, with recent additions in 2025 including ECD Staking (ETH, SOL), ECD Basket (one-click diversified portfolios), and DCA (recurring purchases).

ECD monetizes through tiered transaction spreads — 0.95% for verified users and 0.85% for crypto-to-crypto swaps on the wallet, scaling up to 4.7% for Casual-zone unverified users — combined with ATM transaction fees of 6.2% plus fixed RSD amounts, fiat withdrawal fees, and a 20% commission on staking rewards. Secondary revenue includes white-label exchange deployment, crypto ATM setup and management services for partners, and consulting engagements. Customer segmentation is hybrid: over 400 Serbian legal entities use the platform for treasury management, international payments, and payroll in digital assets, while retail individuals form the volume base across casual and verified tiers. The company holds operating permissions from both the National Bank of Serbia (2022) and the Securities Commission of Serbia (2023).

ECD's go-to-market combines self-serve mobile and web onboarding, a referral program paying 500 RSD per verified referral, weekly educational content through its Kripto Petak blog and newsletter, webinars, conferences (Solana Summit Serbia), and an inside-sales motion with dedicated support for corporate clients. The company is founder-owned (Marko Matanović as CEO, Aleksandar Matanović as co-founder), bootstrapped with no disclosed external funding, and operates with a team of 20+ professionals.

Name

ECD

Legal name

MCM 965 doo

Website

https://ecd.rs

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

ECD is Serbia's first and largest cryptocurrency exchange, founded in 2012, operating an online exchange, Fireblocks-secured mobile wallet, three crypto ATMs, and tokenized U.S. equities trading platform serving over 400 Serbian businesses and retail traders.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange Services

NAICS

Securities and Commodity Exchanges (523210), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Centralized Crypto Exchanges (CEX) (FSAPADAA)

akta.pro secondary industries

Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA), Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG), On/Off-Ramp Providers (Fiat↔Crypto) & Cash-In/Cash-Out Networks (FSADAIAE), POS, QR & In-Person Acceptance Infrastructure (Crypto) (FSADAIAI)

Keywords

• Cryptocurrency exchange platform
• Crypto trading services
• Digital asset wallet
• Crypto ATM network
• Tokenized securities trading

Headquarters

HQ city

Belgrade

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Cryptocurrency Trading Fees: Transaction fees charged on buy/sell operations for cryptocurrencies. Verified users pay 0.95% per transaction, with additional tiers (Casual 4.7%, Active 4.4%, Trust 3.7%) based on 90-day trading volume. Crypto-to-crypto swaps on ECD Wallet charged at 0.85%. Additional withdrawal fees apply.
2. Crypto ATM Transaction Fees: Fees from physical ATM operations for buying and selling cryptocurrency. Purchase fee: 6.2% + 500 RSD; Sell fee: 6.2% + 250 RSD. Minimum transaction 1,000 RSD.
3. Withdrawal and Network Fees: Fees for withdrawing RSD to bank accounts (2.5% + fixed fees) and cryptocurrency withdrawals to external addresses (2.5% + network fees varying by asset). ECD Staking service charges 20% of earned rewards.
4. Corporate and Institutional Services: Customized fee arrangements for legal entities and high-value individual transactions over 1,000,000 RSD, including dedicated support, free annual tax consultations, and hardware wallet discounts.
5. White-Label and Consulting Services: Revenue from deploying white-label cryptocurrency exchanges for partners and consulting services for businesses looking to adopt digital assets, including crypto ATM setup and management support.

Pricing tiers

Go-to-market motion4 records

Distribution channels8 records

Marketing channels8 records

Core offering

ECD operates an online cryptocurrency exchange platform where verified users can buy and sell 20+ cryptocurrencies (BTC, ETH, LTC, USDT and others) and tokenized stocks (xStocks) against Serbian Dinars (RSD) on a 24/7 basis, supported by a free integrated digital wallet with DCA, Basket, and Staking features, a physical crypto ATM network across Serbia, and white-label exchange and consulting services for business partners. The platform is regulated by the National Bank of Serbia and the Securities Commission of Serbia and serves both retail individuals and corporate clients (400+ legal entities).

Product overview

ECD is a Serbian cryptocurrency financial services company founded in 2012, operating as MCM 965 doo and positioned as the first and largest regional crypto platform in Serbia. The company operates as a unified platform-plus-modules architecture consisting of: (1) ECD Exchange — the core online cryptocurrency trading platform for buying/selling 20+ cryptocurrencies and xStocks tokenized stocks against RSD, 24/7; (2) ECD Wallet — a free digital wallet integrated with the exchange, available on web and mobile (Android/iOS), supporting storage, purchase, sale, exchange, DCA, Basket, and Staking of crypto and tokenized equities; (3) Crypto ATM network — physical machines across Serbia for cash-based crypto purchase/sale; (4) xStocks — tokenized equities (Apple, Nvidia, Tesla, Amazon, Google, SpaceX) traded on Solana blockchain via the wallet; (5) ECD Staking — ETH and SOL staking with 20% platform commission; (6) ECD Basket — multi-crypto portfolio purchase in one transaction; (7) White-label exchange and ATM setup services for business partners; and (8) Consulting services led by the co-founder. The platform holds regulatory permissions from the National Bank of Serbia and the Securities Commission of Serbia.

Differentiator

Problem solved

Functional benefit

Products and services

• ECD Exchange ECD Exchange (exchange.ecd.rs) is the primary cryptocurrency trading platform that enables verified users to buy and sell 20+ cryptocurrencies (BTC, ETH, LTC, BCH, USDT, USDC, SOL, ADA, XRP, TRX, DOT, AVAX, POL, BNB, DOGE, SUI, XAUt, TON) and tokenized xStocks against Serbian Dinars (RSD), 24/7 with guaranteed prices, automated settlement, and tiered fee zones (0.95% to 4.7%) based on 90-day trading volume.
• ECD Wallet ECD Wallet is a free digital cryptocurrency wallet integrated with the ECD exchange, available via web and as a mobile app (Android/iOS). It supports deposit, withdrawal, purchase, sale, exchange, DCA recurring purchases, Basket, and Staking of 19 cryptocurrencies, Serbian Dinars (RSD), and xStocks tokenized equities, secured by Fireblocks MPC-based infrastructure with MFA protection.
• Crypto ATM (Kriptomat) ECD operates a network of physical cryptocurrency ATMs across Serbia (Belgrade and Novi Sad) enabling cash purchase of BTC, LTC, ETH, and USDT, and cash sale of BTC and LTC. Transaction limits range from 1,000 to 250,000 RSD per transaction, with hourly and weekly caps. Transaction fees are 6.2% + 500 RSD for purchases and 6.2% + 250 RSD for sales, with transactions processed in approximately 10 minutes.
• xStocks (Tokenized Stocks) xStocks are tokenized equities of major global companies (Apple, Nvidia, Tesla, Amazon, Google/Alphabet, SpaceX) issued by Backed Assets (JE) Limited, traded 1:1 against real shares on the Solana blockchain. Available 24/7 on the ECD Wallet with fractional investment starting from 600 RSD, 0.95% fees, and instant transfer capability on the Solana network.
• ECD Staking ECD Staking allows ECD Wallet users to stake Ethereum (ETH, minimum 0.1 ETH) and Solana (SOL, minimum 1.1 SOL) directly within the wallet to earn network validation rewards; ECD charges a 20% commission on earned rewards, deducted upon withdrawal.
• ECD Basket ECD Basket enables ECD Wallet users to purchase multiple cryptocurrencies in a single transaction, providing a diversified crypto portfolio in one step as part of the wallet functionality.
• White-label Cryptocurrency Exchange ECD's white-label cryptocurrency exchange solution for partners and businesses includes full platform hosting, support for BTC, LTC, ETH, USDT, and BCH (expandable), staff training, and launch in under two weeks with full operational support.
• Crypto ATM Setup & Management ECD provides end-to-end support for partners seeking to set up and manage a network of cryptocurrency ATMs, including hardware recommendations from manufacturers such as GeneralBytes and Easygoing, site selection, server installation, exchange account setup, software updates, and staff training.
• Cryptocurrency Consulting Services ECD offers cryptocurrency and blockchain consulting services covering Bitcoin payment acceptance, blockchain technology implementation, investment and trading risk assessment, wallet opening, secure asset storage, mining, and digital asset regulation compliance, led by Aleksandar Matanović, ECD Co-founder with MSc in Digital Currency.

Quantifiable outcome

• Transaction processing time: ~10 minutes for ATM transactions
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability2 records

Feature6 records

Partnerships

16 partnerships are on record, tiered core and minor.

• FireblockscoreTechnology or IntegrationFireblocks provides the infrastructure for secure digital asset custody in ECD Wallet, offering enterprise-grade security for user funds through its multi-party computation (MPC) technology and battle-tested custody solutions.
• SideChain.procoreChannel Partner/ Reseller/ DistributorSideChain.pro is ECD's recommended partner for purchasing hardware wallets (Ledger, Trezor). ECD refers users to SideChain's online store and offers hardware wallet purchase discounts as part of corporate client benefits.
• Backed Assets (JE) LimitedcoreTechnology or IntegrationBacked Assets issues xStocks tokenized stocks (AAPLx, NVDAx, TSLAx, AMZNx, GOOGLx, SPCXx) and Tether Gold (XAUt) that are available on ECD Wallet. Each token is backed 1:1 by real securities/gold held by authorized institutions.
• GeneralBytescoreTechnology or IntegrationGeneralBytes is one of the manufacturers of crypto ATMs used in ECD's network. ECD collaborates with them for ATM setup, maintenance, and software updates.
• Easygoing (KriptoATM)coreTechnology or IntegrationEasygoing is another crypto ATM manufacturer that ECD collaborates with for the operation and management of their kriptomat network.
• Crypto CompareminorStrategic or Co-development PartnerECD partnered with Crypto Compare, a global cryptocurrency data aggregator, as part of their collaboration with major global crypto projects. Nature of collaboration involves data/price feed integration.
• Metropolitan University BelgrademinorStrategic or Co-development PartnerECD co-founder Aleksandar Matanović collaborated with Metropolitan University in Belgrade to create the first cryptocurrency course in Serbia, where he also serves as an instructor.
• xStocks / xstocks.ficoreTechnology or IntegrationxStocks platform enables ECD to offer tokenized stocks of major global companies. The platform is supported by Visa, Mastercard, Stripe, Coinbase and BlackRock, with 96% of tokenized stock trading happening on Solana network.
• Superteam BalkanminorGTM or Marketing PartnerSuperteam Balkan is a crypto community organization listed as an ECD partner, likely for community-driven marketing and ecosystem development activities.
• Naučno-tehnološki park Niš (Science Technology Park Niš)minorStrategic or Co-development PartnerScience Technology Park Niš is listed as an ECD partner, indicating potential collaboration on technology development or regional startup ecosystem engagement.
• VIP MenjačnicacoreChannel Partner/ Reseller/ DistributorVIP Menjačnica is a partner exchange network with 30+ locations across Serbia where ECD customers can complete identity verification in person.
• Dunav Union MenjačnicacoreChannel Partner/ Reseller/ DistributorDunav Union is a partner exchange network providing in-person verification locations for ECD customers in multiple Serbian cities.
• Balkan Tech CryptominorGTM or Marketing PartnerBalkan Tech Crypto is a crypto media/education platform listed as an ECD partner; collaborated on ETH staking webinar with ECD.
• StartitminorGTM or Marketing PartnerStartit (technology/entrepreneurship platform) is listed as an ECD partner, likely for startup community engagement and referrals.
• Hub21minorGTM or Marketing PartnerHub21 is listed as an ECD partner, possibly for fintech ecosystem collaboration or co-marketing activities.
• Čuka 3x3minorOthersČuka 3x3 basketball team is listed as an ECD partner, suggesting sponsorship or community partnership.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Binance: World's largest centralized crypto exchange offering spot trading, staking, and tokenized assets globally. While not a direct competitor for ECD's licensed Serbian regulatory positioning, Binance is broadly accessible to Serbian users via P2P and competes for the same retail and corporate crypto volumes.
• Coinbase: US-listed centralized crypto exchange with retail brokerage, custody, staking, and increasingly tokenized securities. Comparable to ECD on the broad retail crypto brokerage and wallet dimensions, though operating in much larger regulated markets.
• Kraken: Major centralized crypto exchange with spot trading, staking, and regulated custody. Comparable to ECD on exchange + staking architecture, especially for high-volume Serbian users who self-direct into global CEXs via bank transfers.
• Crypto.com: Global crypto exchange and card issuer with staking, tokenized assets, and a mobile-first app similar to ECD Wallet. Overlaps with ECD on retail crypto app + wallet + card payments offering and on the tokenized-securities direction.

Regional players

• Bitstamp: European centralized crypto exchange (founded in Slovenia, now part of Robinhood) with regulated EU status. Highly comparable to ECD as a Mid-European regulated CEX with focus on EUR fiat pairs, though Bitstamp's scale, regulatory perimeter, and liquidity are multiples larger.
• Conbase (Croatian exchange): Croatian centralized crypto exchange operating in the Western Balkans under local regulatory registration. Closest geographic peer to ECD with overlapping product set (spot exchange, ATM, retail/corporate clients), serving an adjacent Balkan market rather than competing directly in Serbia.
• Bitcoin Store (Croatia): Croatian Bitcoin brokerage and ATM operator serving retail users in the Adriatic region with physical cash-to-crypto touchpoints comparable to ECD's Kriptomat network. Not active in Serbia but illustrative of the Balkan retail crypto brokerage archetype.

Emerging players

• Wirex: Crypto-linked payment card and wallet app with multi-currency and crypto trading features. Comparable to ECD's ECD Wallet and is one of the few global crypto-card products actively available in the Balkans region.

Others

• Backed Finance: Issuer of xStocks (AAPLx, NVDAx, TSLAx, AMZNx, GOOGLx, SPCXx) tokenized equities that ECD distributes through its wallet. Relevant as upstream infrastructure partner that enables ECD's tokenized securities offering and an ecosystem participant rather than a competitor.
• General Bytes: One of the largest crypto ATM manufacturers globally and an active operating partner to ECD's Kriptomat network. Comparable on the BATM distribution dimension but operates as an infrastructure/vendor rather than direct retail competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ecd_rs

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ECD