Gemini sells UK and Europe business to stablecoin payments firm KAST for under $10 million

Nov. 12 — According to Coindesk, people familiar with the matter said that the Winklevoss twins' crypto exchange Gemini has sold its UK and Europe business to Singapore-based stablecoin payments company KAST for under $10 million.

The deal is part of Gemini's restructuring, announced earlier this year, which included exiting the UK, EU and Australian markets, cutting about 25% of its global workforce, and focusing on its US and Singapore businesses. Buyer KAST was founded by former Circle executives and offers stablecoin accounts, cross-border transfers and payment cards; it closed an $80 million Series A funding round in March this year.