FNG Exclusive… FNG has learned that London based, FCA registered institutional crypto broker Enigma Securities has posted a Net Loss of $9.6 million for 2022. Enigma’s Revenues fell by 43% from $10.9 million in 2021 (when the company turned a profit of $1.7 million), to $6.2 million in 2022.

As Enigma’s Revenues fell as noted above, its Admin Expenses increased from $7.1 million in 2021 to $11.4 million in 2022, accounting for a good part of the large Net Loss.

At the end of 2022, Enigma’s shareholders put in an additional $8 million of capital into the company. Even with the capital addition, the company’s net equity fell by more than 50% during the year, from $3.1 million as at the end of 2021 to $1.5 million in 2022.

Enigma Securities Ltd is a digital asset liquidity provider owned by Makor Capital, an FCA-regulated brokerage firm. The Makor Group is an international brokerage and investment banking firm established in March 2011 by Michael Halimi and Avi Bouhadana, two ex-senior managers at Cantor Fitzgerald Europe. Enigma Securities Ltd is an FCA registered Cryptoasset business (930442) and an Appointed Representative of Makor Securities London Ltd which is authorised and regulated by the Financial Conduct Authority (625054).

Enigma’s proprietary trading and execution technology is built to bridge the TradFi and DeFi UX. Using quant models, ultra low-latency architecture, and the widest range of APIs, Enigma has created an environment where clients can access the vast trading experience acquired on Traditional Markets and apply it to the digital-asset and DeFi markets.

Enigma Securities’ 2022 income statement and balance sheet follow: