Gemini sold its UK and European operations to stablecoin payments company KAST for less than $10 million. The transaction allows KAST to expand in two regulated markets while Gemini continues its retreat from international markets. The deal follows February’s announcement that Gemini would wind down operations in the UK, EU, and Australia while reducing its global workforce by approximately 25%. KAST raised $80 million in a Series A funding round and is pursuing acquisitions linked to licenses and infrastructure. The full terms, number of transferring employees, and specific regulatory authorizations involved have not been disclosed.
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