Gemini Sells UK and European Arm to KAST for Under $10 Million
Gemini Space Station sold its UK and European businesses to Singapore-based stablecoin payments firm KAST for less than $10 million, according to CoinDesk. The sale is part of a broader retreat from overseas markets that began with February's plan to exit the UK, EU and Australia and cut about 25% of staff.
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What Was Sold and to Whom
Gemini Space Station, the parent company of the Winklevoss-founded exchange Gemini, sold its UK and European businesses to Singapore-based stablecoin payments firm KAST for less than $10 million, CoinDesk reported Thursday. Crypto Briefing reported the same transaction as a sale of Gemini's overseas businesses, though neither outlet's source material gives an exact price beyond the reported ceiling.
KAST offers stablecoin-based accounts, international transfers and payment cards to consumers and businesses. It was founded by former Circle executive Raagulan Pathy and raised an $80 million Series A in March, led by QED Investors and Left Lane Capital, with part of the funds earmarked for licensing and compliance.
Retreat From Overseas Markets
The sale continues a pullback that Gemini announced in February, when it said it would wind down operations in the UK, the European Union and Australia and cut roughly 25% of its global workforce. Both outlets describe the move as a cost-reduction and restructuring effort. Gemini retained its US and Singapore businesses.
A Shift Toward Services and Derivatives
Gemini is repositioning itself as a multi-product platform spanning prediction markets, equities and regulated derivatives, as spot trading volumes weaken. Its second-quarter revenue was $45.5 million, up 37% year over year. Exchange revenue fell 38% to $12.5 million on lower crypto trading volumes, while services revenue rose 149% to $23.5 million, and credit card revenue rose 231% to $16.2 million. Services and interest income made up 59% of net revenue, up from 50% in the first quarter.
The company has launched event contracts through Gemini Predictions and commission-free US stock and ETF trading, and its affiliate Gemini Olympus has regulatory approval to operate as a derivatives clearinghouse. A pending futures commission merchant application could add regulated US crypto perpetual futures. Prediction markets contributed $500,000 in revenue, with trading volume up 93% quarter over quarter.
Distribution and Next Steps
In August, Gemini signed a letter of intent with Apex Fintech Solutions to make its regulated crypto prediction markets available through brokerage firms. Under the proposed arrangement, Gemini Titan would be the exclusive regulated venue for crypto event contracts. The letter of intent is not a final agreement, and the outcome of the Apex talks and the pending futures application remain open.
Why It Matters
For Traders
Gemini's shrinking spot exchange and growing services mix may matter for GEM-linked exposure, but the sale itself is small relative to the company's revenue.
For Investors
The exit from three overseas markets signals a cost-led strategy aimed at profitability, with growth now depending on derivatives, prediction markets and services.
For Builders
Gemini's regulated prediction-market and clearinghouse structure, if distributed through brokers, could become a template for how exchanges plug event contracts into existing brokerage rails.
This article is for information only and is not financial advice. Read the full disclaimer.
