Gemini reportedly sold its operations in the United Kingdom and European Union to stablecoin payments company KAST for less than $10 million.
CoinDesk reported that Gemini sold its United Kingdom and European Union operations to KAST, citing a source who requested anonymity. According to the source, the sale price was less than $10 million. Gemini declined to comment, while a KAST spokesperson said the company was actively exploring acquisition opportunities as it grows, without commenting on the transaction.
The sale follows Gemini’s plan to scale back its international operations. In February, the company announced plans to wind down its operations in the United Kingdom, European Union, and Australia and reduce its global workforce by approximately 25%. It said it would retain its businesses in the United States and Singapore.
A job listing posted by KAST about a month ago included managing the transition of Gemini’s employees in the United Kingdom and European Union among the responsibilities of the European general manager.
Singapore-based KAST offers accounts, cross-border transfers, and payment cards that allow consumers and businesses to hold, send, and spend stablecoins. Founded by former Circle executive Raagulan Pathy, the company raised a $80 million Series A in March. KAST also listed licensing and compliance work among the uses for the funds.
Not investment advice.