CoinDesk
Gemini sold its U.K. and European operations to stablecoin payments firm KAST for less than $10 million, a person familiar with the private transaction said. The sale follows the Winklevoss-founded exchange's restructuring and withdrawal from several overseas markets.
In February, Gemini announced plans to wind down operations in the U.K., EU and Australia and cut roughly 25% of its global workforce, while retaining its U.S. and Singapore businesses. A KAST recruitment listing referenced the transition of Gemini's U.K. and EU staff.
Potential buyers had examined Gemini's European businesses for their regulatory permissions, CoinDesk previously reported. Singapore-based KAST raised $80 million in March, with licensing and compliance among the planned uses. Gemini declined to comment, while KAST's spokesperson did not discuss the deal.
Frequently asked questions
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How much did KAST pay for Gemini's European operations?
The purchase price was below $10 million, according to a person familiar with the private transaction.
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Why had buyers examined Gemini's European businesses?
Potential buyers had examined the businesses for their regulatory permissions, CoinDesk previously reported.
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Which Gemini businesses did the company plan to retain?
Gemini said it would retain its U.S. and Singapore businesses while winding down operations in the U.K., EU and Australia.
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What did KAST's recruitment listing say about Gemini staff?
The listing referenced the transition of Gemini's U.K. and EU staff.
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How much funding did KAST raise in March?
KAST raised $80 million in March, with licensing and compliance among the planned uses for the funding.
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