Gemini Space Station has sold its UK and European operations to the Singapore-based stablecoin payments firm KAST. The transaction value is reported to be less than $10 million. This move aligns with the company's broader strategy to reduce operational costs and streamline its international presence.
The divestiture follows Gemini's February decision to exit markets in the UK, the European Union, and Australia. During that period, the exchange also initiated a reduction of its global workforce by approximately 25%. The company, founded by Cameron and Tyler Winklevoss, is now focusing its resources on its US and Singapore business units.
To counter declining spot trading volumes, Gemini is shifting its business model toward a multi-product financial platform. The company has introduced prediction markets, commission-free stock and ETF trading, and is pursuing regulatory approval for derivatives clearing. Gemini is also working to distribute its crypto prediction markets through third-party brokerages.
Financial data for the second quarter shows a total revenue of $45.5 million, representing a 37% year-over-year increase. While exchange revenue dropped 38% to $12.5 million, service-related income grew significantly. Specifically, credit card revenue rose 231% to $16.2 million, and staking revenue increased 50% to $4 million.
