Gemini sells UK and European operations to stablecoin payments firm KAST for under $10 million

The buyer, KAST, is a Singapore-based stablecoin payments firm founded by former Circle executive Raagulan Pathy, offering accounts, cross-border transfers and payment cards in stablecoins. It raised $80 million. The under-$10 million price came from an anonymous person familiar with the matter; Gemini declined to comment, and a KAST spokesperson would not discuss the deal. The sale follows Gemini's February announcement that it would wind down UK, EU and Australia operations and cut about 25% of its global workforce, retaining US and Singapore businesses. A KAST recruitment listing about a month earlier tasked a European general manager with transitioning Gemini's UK and EU staff. The KAST spokesperson said the company is actively in the market for M&A.

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