Exclusive FNG… FNG has learned that FCA-registered London-based institutional crypto broker Enigma Securities posted a net loss of $9.6 million for 2022. Enigma’s revenue fell 43% from $10.9 million in 2021 (when the company made a profit of $1.7 million), to $6.2 million in 2022.
As Enigma’s Revenues declined as noted above, Administrative Expenses increased from $7.1 million in 2021 to $11.4 million in 2022, accounting for a large portion of the large Net Loss.
At the end of 2022, Enigma shareholders injected an additional £8m of capital into the company. Even with the capital addition, the company’s net equity fell by more than 50% over the year, from $3.1 million 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. Makor Group is an international brokerage and investment banking firm founded in March 2011 by Michael Halimi and Avi Bouhadana, two former senior managers of Cantor Fitzgerald Europe. Enigma Securities Ltd is an FCA registered Cryptoasset firm (930442) and Appointed Representative of Makor Securities London Ltd, which is authorized and regulated by the Financial Conduct Authority (625054).
Enigma’s proprietary trading and execution technology is built to bridge 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 gained in Traditional Markets and apply it to digital asset and DeFi markets.
Here is Enigma Securities’ 2022 income statement and balance sheet:
