Gemini Space Station (GEMI), the Nasdaq-listed parent of the Winklevoss-founded exchange, has reportedly sold its U.K. and European businesses to stablecoin payments firm KAST. Neither company confirmed the deal, though a KAST hiring post a month ago tasked a European general manager with transitioning Gemini's U.K. and EU staff.

The price was reportedly below $10M, a fraction of the $80M KAST raised in its March Series A at a $600M valuation.

Gemini announced in February it would wind down the U.K., EU and Australia and cut about 25% of its workforce, keeping the U.S. and Singapore. Buyers were mainly after the regulatory permissions of the shuttered units. Singapore-based KAST, founded by former Circle executive Raagulan Pathy, offers stablecoin accounts, transfers and cards, and says it is actively looking for more M&A.