Gemini Sells UK, European Operations to KAST for Less Than $10 Million
Summary
- The US cryptocurrency exchange Gemini sold its UK and European operations to KAST, with the acquisition price reported at less than $10 million.
- KAST said it is actively pursuing mergers and acquisitions (M&A) as its revenue and business footprint grow.
- Gemini announced plans to wind down its UK, EU and Australian operations and cut about 25% of its workforce to improve profitability, while keeping its US and Singapore businesses.
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US cryptocurrency exchange Gemini has sold its UK and European operations to stablecoin payments company KAST.
CoinDesk, citing people familiar with the matter, reported on November 12 that Gemini recently sold its UK and European business to KAST for less than $10 million.
Signs of the sale had already emerged in a KAST job posting published about a month ago for a head of Europe. The listing included responsibility for managing the transition of Gemini employees in the UK and the European Union. KAST declined to discuss the acquisition in detail, but said it is actively pursuing mergers and acquisitions as its revenue and business footprint expand.
Gemini said in February that it would wind down its UK, EU and Australian operations and cut about 25% of its workforce to improve profitability. At the time, the company said it would retain its US and Singapore businesses.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul