Gemini has sold its U.K. and European operations to payments firm KAST, according to a person familiar with the matter. The price was below $10 million. The deal follows the exchange's retreat from overseas markets.
Gemini Space Station (GEMI), the operator of the exchange founded by Cameron and Tyler Winklevoss, sold its U.K. and European operations to stablecoin payments company KAST, according to a person familiar with the matter. The person, who spoke anonymously because the matter is private, said the purchase price was below $10 million.
Neither company confirms the deal
Gemini declined to comment. A KAST spokesperson would not discuss the deal but said: "we are actively in the market for M&A, as our revenue and footprint grows."
A KAST recruitment listing referenced the deal about a month ago. It asked a prospective European general manager to oversee the transition of Gemini's U.K. and European Union staff.
Gemini's retreat from overseas markets
The sale follows Gemini's decision earlier this year to pull back from international markets and restructure to cut costs and pursue profitability. In February, the company announced plans to wind down operations in the U.K., the EU and Australia and cut about 25% of its global workforce, while keeping its U.S. and Singapore businesses.
Gemini also received fresh backing from its founders. Winklevoss Capital Fund injected $100 million in May, buying Class A shares at $14 apiece and paying in bitcoin.
KAST and a smaller-deal market
Singapore-based KAST provides accounts, cross-border transfers and payment cards for holding, moving and spending stablecoins. The company raised $80 million in March in a Series A round co-led by QED Investors and Left Lane Capital.
The transaction comes as crypto dealmaking shifts toward smaller acquisitions that add regulatory licenses, distribution and product capabilities. Crypto M&A totaled $2.2 billion across 67 announced transactions in the third quarter, down 83% by value from the previous quarter, according to Architect Partners.
Source: CoinDesk
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