Gemini sells UK and Europe business to KAST for less than $10 million.

November 12 - According to people familiar with the matter, Gemini Space Station (GEMI), a holding company founded by New York-based cryptocurrency trading platform operator and the Winklevoss brothers, has sold its UK and European operations to stablecoin payment company KAST for less than $10 million. The people requested anonymity because the deal has not been made public.

About a month ago, a KAST job posting already mentioned the deal. The position required the new European general manager to oversee the business transition of Gemini's UK and EU employees. Gemini declined to comment. A KAST spokesperson also did not directly discuss the deal, but said that as the company's revenue and business coverage continue to expand, KAST is actively seeking M&A opportunities.

The sale follows Gemini's decision earlier this year to scale back its international business and restructure operations to reduce costs and achieve profitability. In February this year, Gemini announced plans to gradually shut down its UK, EU, and Australia operations and cut about 25% of its global workforce, while retaining operations in the US and Singapore markets.