GEMINI SOLD ITS EUROPEAN BUSINESS FOR LESS THAN $10 MILLION đ±đ
Look what just happened with Gemini, the Winklevoss twinsâ exchange: according to CoinDesk, it sold its UK and European operations to KAST, a Singaporean stablecoin payments company, for less than $10 million.
Letâs put this into context: Gemini had already announced in February that it was withdrawing from Europe and Australia, closed its customersâ accounts in April, and cut about 25% of its staff. What KAST would be taking over is mainly the licenses and the team that remained in the region.
Note: neither company has publicly confirmed the sale yet, so for now this is information from a source close to the deal, cited by CoinDesk.
I think this says a lot about how tough the market is for exchanges that arenât giants: even a name as well-known as Gemini ends up scaling back to survive.
Do you think mid-sized exchanges will keep disappearing, or is there still room for them?
#Crypto
Look what just happened with Gemini, the Winklevoss twinsâ exchange: according to CoinDesk, it sold its UK and European operations to KAST, a Singaporean stablecoin payments company, for less than $10 million.
Letâs put this into context: Gemini had already announced in February that it was withdrawing from Europe and Australia, closed its customersâ accounts in April, and cut about 25% of its staff. What KAST would be taking over is mainly the licenses and the team that remained in the region.
Note: neither company has publicly confirmed the sale yet, so for now this is information from a source close to the deal, cited by CoinDesk.
I think this says a lot about how tough the market is for exchanges that arenât giants: even a name as well-known as Gemini ends up scaling back to survive.
Do you think mid-sized exchanges will keep disappearing, or is there still room for them?
#Crypto
