Gemini has sold off its European business to KAST for less than $10 million. What’s happening to the once-mighty giant?
This is the latest move after Gemini announced it would cut 25% of its global workforce and scale back operations. It is concentrating its efforts on the U.S. and Singapore markets, while withdrawing from other regions.
Notably, KAST, a Singaporean stablecoin company, wasn’t interested in Gemini’s shuttered business operations. Its main goal was to acquire valuable regulatory licenses, such as MiCA in the EU and FCA registration in the UK.
Does a deal worth less than $10 million for an entire European operation, including operating licenses, amount to a “fire sale” by Gemini to stay afloat?
What does this say about regulatory pressure and the strategic fragmentation of CEXs amid market volatility?
#Crypto #BinanceSquare
This is the latest move after Gemini announced it would cut 25% of its global workforce and scale back operations. It is concentrating its efforts on the U.S. and Singapore markets, while withdrawing from other regions.
Notably, KAST, a Singaporean stablecoin company, wasn’t interested in Gemini’s shuttered business operations. Its main goal was to acquire valuable regulatory licenses, such as MiCA in the EU and FCA registration in the UK.
Does a deal worth less than $10 million for an entire European operation, including operating licenses, amount to a “fire sale” by Gemini to stay afloat?
What does this say about regulatory pressure and the strategic fragmentation of CEXs amid market volatility?
#Crypto #BinanceSquare