TLDR:
- Gemini reportedly has sold its U.K. and European businesses to Singapore-based KAST for less than $10 million.
- The sale follows Gemini’s February plan to exit the UK, EU and Australia and shed 25% of its global workforce.
- Gemini’s second-quarter exchange revenue fell 38% to $12.5 million as services revenue rose 149% year on year.
- Gemini is expanding into U.S. stock trading and prediction markets as its traditional exchange business slows.
Winklevoss twins-led Gemini has reportedly sold its UK and European businesses to Singapore-based stablecoin payments company KAST for less than $10 million. The reported deal follows Gemini’s earlier plans to sell its overseas units after withdrawing from several international markets.
A Thursday report, citing a person familiar with the transaction, said Gemini Space Station transferred the businesses to KAST. However, neither company publicly confirmed the purchase price, while Gemini declined to comment on the reported transaction.
The sale comes months after Cameron and Tyler Winklevoss announced plans to reduce operating costs and concentrate on fewer markets. The exchange has also expanded into equities and prediction markets as cryptocurrency trading revenue declines.
Gemini Sells Overseas Operations Following 25% Workforce Reduction
Gemini announced its international restructuring in February, outlining plans to exit the United Kingdom, the European Union, and Australia. The company also proposed cutting approximately 25% of its global workforce, affecting up to 200 employees.
Its February regulatory filing estimated restructuring charges of approximately $11 million, mostly covering employee-related expenses. Gemini retained operations in the United States and Singapore while reducing its international presence.
The exchange subsequently closed customer accounts in the affected markets on April 6, following a withdrawal-only period. Meanwhile, Gemini’s workforce reduction formed part of its broader effort to control operating expenses.
The reported buyer, KAST, provides stablecoin payment accounts, international transfers, and payment cards for businesses and individual customers. Founded by former Circle executive Raagulan Pathy, KAST raised $80 million in Series A funding in March.
The funding round involved QED Investors and Left Lane Capital, with part of the proceeds intended for licensing and compliance. A KAST recruitment advertisement also referenced plans to manage the transition of Gemini’s British and European staff.
Gemini’s founders previously identified international operating costs and limited demand as reasons for narrowing the exchange’s geographical reach. The company has not publicly disclosed how the reported sale will affect its remaining employees or future operating expenses.
Winklevoss Twins Expand Gemini Beyond Crypto Trading
Gemini’s overseas restructuring follows changes in its revenue mix as traditional cryptocurrency trading activity weakened during 2026. The exchange reported second-quarter revenue of $45.5 million, representing a 37% increase from the previous year. However, exchange revenue declined 38% to $12.5 million, while services revenue climbed 149% to $23.5 million.
Total operating expenses fell 15% from the previous quarter to $122.4 million. The results followed earlier operational changes involving the Winklevoss brothers, including workforce reductions and an increased focus on alternative revenue sources. Gemini has introduced commission-free US stock trading and expanded its regulated prediction markets business through Gemini Titan.
In August, the company signed a letter of intent with Apex Fintech Solutions to distribute crypto event contracts through brokerage firms. The agreement followed other Gemini prediction market developments, including the introduction of an AI-powered market information platform.
According to Gemini’s second-quarter results, prediction markets generated $500,000 in revenue, while credit card revenue increased 231% to $16.2 million. The company also reported a $107.7 million quarterly net loss. Gemini is scheduled to release its third-quarter financial results after US stock markets close on November 12.
The post Winklevoss Twins-Led Gemini Sells UK, Europe Businesses for Under $10M: Report appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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