Gemini Sells UK and European Operations to KAST for Under $10 Million
Summary
Gemini is selling parts of its UK and European operations to Singapore-based stablecoin payments firm KAST for less than $10 million, as it continues a retreat from international markets. The deal could help KAST expand using Gemini’s regional infrastructure, but the entities, staff and regulatory permissions involved remain unclear, and any licence transfers or change of control require regulatory approval. KAST, which offers stablecoin-based accounts, transfers and payment cards, raised $80 million in March and is pursuing acquisitions. Gemini announced in February that it would wind down operations in the UK, EU and Australia and cut about 25% of its workforce, retaining its US and Singapore businesses.
