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.
