Enigma

What Enigma does

Enigma Securities Limited is an institutional digital asset liquidity provider founded in 2017 and headquartered in London, operating through FCA-registered and FINRA-approved entities in the UK, US, and Panama. The company offers a full-service trading stack consisting of the Enigma X terminal for spot trading and position monitoring, EXTP (Enigma X Trading Pro) for advanced execution algorithms and multi-venue routing, a 24/7 human-assisted OTC trading desk with access to over 200 cryptocurrency pairs, and FIX/REST/Websocket APIs for programmatic liquidity integration. In-house algorithms harmonize depth across global crypto exchanges to provide best execution to a single registered counterparty, and the firm also acts as an Authorized Participant for institutional digital asset ETPs such as ETC Group's product suite.

The company generates revenue primarily through spreads and transaction fees on matched-principal crypto trades executed via OTC desk, electronic platforms, and APIs, with additional economics from market-making activity and ETP creation/redemption flows. Its target customers are institutional investors (asset managers, hedge funds, family offices), digital asset companies, and corporate treasury programs seeking compliant, large-volume execution. Enigma was created as the digital asset arm of Makor Group, a traditional cross-asset broker, and was acquired by Swedish investment firm Hilbert Group AB in December 2025 for up to $25 million including earn-outs. Under Hilbert, Enigma is being repositioned as part of a broader institutional digital asset platform targeting a U.S. listing within the following year.

The go-to-market is enterprise field sales targeting FCA-classified investment professionals, supported by a research and insights content function publishing weekly market commentary, and a structured digital onboarding workflow. Customer concentration risk is moderate given the dependence on Makor-affiliated distribution historically and the limited set of named institutional counterparties disclosed. Reported metrics highlight institutional scale: Makor Group processes tens of billions of dollars in annual trades, Enigma offers 200+ crypto pairs, and the firm holds rare dual-jurisdiction regulatory permissions (FCA cryptoasset business and FINRA corporate equity broker-dealer) that materially differentiate it from crypto-native competitors.

Name

Enigma

Legal name

Enigma Securities Limited

Website

https://enigma-securities.io

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Enigma Securities is an FCA- and FINRA-regulated institutional digital asset liquidity provider offering OTC trading, electronic execution via Enigma X and EXTP, and API connectivity to asset managers, hedge funds, and corporate treasuries across global crypto markets.

Ownership category

akta.pro rank

Product category

Institutional Digital Asset Liquidity

NAICS

Securities and Commodity Exchanges (5232), Miscellaneous Intermediation (523910)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Market Making & Liquidity Provision (FSADAJAC)

akta.pro secondary industries

Crypto-Digital Asset Market Making (Spot & Derivatives) (FSACANAJ), Liquidity Aggregation & Smart Order Routing (FSADAJAD), Institutional / OTC Crypto Credit & Bilateral Lending (FSADAFAD), Fraud Detection, Scam Prevention & Account Takeover (Crypto) (FSADALAF)

Keywords

• Institutional crypto liquidity
• Digital asset trading
• OTC trading desk
• Algorithmic execution
• Crypto prime brokerage

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Crypto Exchange Services - Transaction Spread: The company acts as a full-service digital asset liquidity provider, executing crypto transactions on a matched principal basis. Revenue is generated through spreads on cryptocurrency buy/sell transactions, where the fee for each transaction is determined by the company taking into account market conditions. The spread size varies depending on market conditions.
2. OTC Trading Services: High-touch over-the-counter trading desk providing bespoke quotes and human execution for large-scale digital asset transactions, generating revenue through transaction fees and spreads on trades executed outside public order books.
3. Market Making Activity: The company may act as a market maker in digital assets, providing liquidity to clients and generating revenue through bid-ask spreads on proprietary trading activities.
4. API and Electronic Trading Access: Access to electronic trading platforms (Enigma X, EXTP) and API connectivity for institutional clients, generating revenue through transaction fees on electronic executions.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Enigma provides institutional-grade digital asset liquidity to professional investors through an OTC trading desk, the Enigma X electronic trading terminal, the EXTP advanced execution platform, and FIX/REST/Websocket API connectivity. The firm aggregates liquidity across global crypto exchanges via in-house algorithms, enabling large-volume spot trading across 200+ pairs with single-counterparty execution, supported by MPC custody and rigorous KYC/AML compliance.

Product overview

Enigma is an institutional digital asset liquidity provider that operates as a platform-plus-modules architecture. The core platform is Enigma X, a full-service trading terminal for spot trading with real-time monitoring and research. Additional modules include Enigma X Trading Pro (EXTP) for complex trade structuring, an OTC Trading Desk for bespoke large-volume transactions, API Services for programmatic access via FIX/REST/Websocket, Liquidity Solutions providing deep institutional liquidity, and Research & Insights delivering market intelligence. All offerings are reserved for Investment Professionals exclusively.

Differentiator

Problem solved

Functional benefit

Brands

• Enigma X: Full-service trading terminal offering spot trading on all major pairs, holistic overview of client positions with real-time monitoring, advanced charting, live price data across markets, and integrated research hub.
• EXTP (Enigma X Trading Pro)

Products and services

• Enigma X Full-service electronic trading terminal for institutional clients, providing spot trading on major pairs, real-time position monitoring, advanced charting, live price data, global volumes, curated news flow, and fundamental research reports. Targeted at institutional digital asset investors.
• Enigma X Trading Pro (EXTP) Advanced execution platform extending Enigma X spot trading capabilities with complex trade structuring, multi-venue integration, execution algorithms, and proprietary low-latency infrastructure for sophisticated institutional trading strategies.
• OTC Trading Desk 24/7 human-assisted over-the-counter trading service providing bespoke quotes and personalized execution via voice and chat for large-scale digital asset transactions outside public order books. Offers exclusive access to over 200 cryptocurrency pairs. Targeted at institutional clients.
• API Services (FIX, REST, Websocket) Programmatic trading connectivity for institutional clients through FIX, REST, and Websocket APIs, enabling execution of trading strategies, integration of deep liquidity pools, and real-time market data streaming in a low-latency environment.
• Liquidity Solutions Institutional-grade deep and harmonized digital asset liquidity accessible 24/7/365 through voice, GUI, and API channels. In-house algorithms aggregate liquidity from global crypto exchanges while managing market impact and ensuring best execution.
• Research & Insights Comprehensive market reports and real-time intelligence covering macro, sector, and protocol-level digital asset analysis. Includes Weekly Spotlight reports, Special Reports, and Monthly Roundups on BTC, ETH, ETFs, RWAs, and DeFi protocols. Targeted at institutional investment professionals.

Quantifiable outcome

• Processing $10's of billions in annual trades through Makor Group network

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature7 records

Partnerships

Two partnerships are on record, tiered core and strategic.

• ETC GroupcoreChannel Partner/ Reseller/ Distributor · 9 June 2022Enigma appointed as Authorised Participant for ETC Group, Europe's leading specialist provider of institutional-grade digital asset-backed securities. This role enables Enigma to create and redeem ETC Group's exchange-traded products.
• OpenTradestrategicTechnology or IntegrationPartnership to launch access to on-chain yield products backed by real-world financial assets. Enigma provides institutional clients access to OpenTrade's RWA-backed DeFi products.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• GSR Markets: Crypto-native market maker, OTC desk, and liquidity provider serving institutional clients across spot and derivatives. Comparable to Enigma in liquidity provision, OTC execution, and institutional market making.
• FalconX: Institutional digital asset brokerage offering trading, credit, and prime services to hedge funds and asset managers. Directly comparable to Enigma's institutional OTC, electronic trading, and liquidity provision offering.
• Flow Traders: Publicly traded global liquidity provider expanding from traditional ETFs into digital assets. Compares to Enigma as a multi-asset, technology-driven liquidity provider with growing institutional crypto exposure.
• Circle Trade: Institutional trading arm of Circle, providing OTC liquidity and market making in digital assets including USDC. Directly competes with Enigma in institutional OTC and liquidity provision.
• Wintermute: One of the largest crypto-native market makers and OTC liquidity providers, offering algorithmic trading and OTC execution across hundreds of pairs. Directly competes with Enigma in institutional digital asset liquidity, market making, and OTC execution.
• Cumberland (DRW Trading): Cumberland is the digital asset trading arm of DRW, one of the world's largest proprietary trading firms. Directly competes with Enigma in providing institutional-sized crypto liquidity, OTC execution, and market making.
• B2C2: Institutional crypto liquidity provider and OTC desk serving hedge funds, asset managers, and banks. Directly comparable to Enigma in providing deep liquidity, principal execution, and electronic trading access to institutional clients.
• Galaxy Digital: Institutional digital asset platform offering trading, OTC, market making, asset management, and prime services. Overlaps with Enigma's institutional OTC and trading business while operating a broader financial services franchise.

Broad incumbents

• Kraken OTC: OTC trading desk of Kraken, one of the longest-standing crypto exchanges, offering bespoke execution and liquidity for institutional clients. Adjacent to Enigma's institutional OTC service but part of a broader exchange and custody franchise.
• Coinbase Institutional: Institutional division of Coinbase offering custody, OTC trading, prime brokerage, and electronic trading. Overlaps with Enigma's OTC and electronic trading services but operates as part of a much larger exchange-led platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/enigma__crypto
• LinkedInlinkedin.com/company/enigmasecurities

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Enigma