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Gemini Space Station, the parent company of digital asset exchange Gemini, has sold its UK and European businesses to Singapore-based stablecoin payments firm KAST for less than $10 million, as it continues to scale back its international presence and restructure operations, CoinDesk reported Thursday.
The sale follows Gemini’s February announcement that it would wind down operations in the UK, European Union and Australia and cut approximately 25% of its global workforce.
The company, founded by Cameron and Tyler Winklevoss, retained its US and Singapore businesses as it sought to reduce expenses and move toward profitability.
KAST offers stablecoin-based accounts, international transfers and payment cards for consumers and businesses. The company was founded by former Circle executive Raagulan Pathy and raised $80 million in a Series A round in March, with QED Investors and Left Lane Capital leading the investment. Part of the funding was earmarked for licensing and compliance.
