Gemini Space Station, the parent company of digital asset exchange Gemini, sold its UK and European businesses to Singapore-based stablecoin payments firm KAST for less than $10 million. The sale follows February plans to wind down operations in the UK, European Union and Australia and eliminate about 25% of the company’s global workforce. Gemini retained its US and Singapore businesses as it sought to reduce expenses and move toward profitability. In the second quarter, total revenue reached $45.5 million, while exchange revenue fell 38% to $12.5 million amid lower crypto trading volumes. The company is diversifying into prediction markets, equities, ETFs, credit cards, staking and regulated derivatives, with prediction markets generating $500,000 in revenue during the quarter.
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