Kraken and MoneyGram Launch Global Crypto-to-Cash Service at 500,000+ Locations

Kraken and MoneyGram Partner to Enable Global Crypto Cash-Outs

Kraken has announced a strategic partnership with MoneyGram to enable users to convert cryptocurrency holdings into local currency at nearly 500,000 physical locations across more than 100 countries. The collaboration, reported exclusively by Fortune, aims to address a critical friction point in the digital asset ecosystem: the ability to seamlessly convert digital assets into spendable cash.

Bridging the Gap Between Crypto and Cash

While digital asset transfers often settle quickly, converting crypto into cash remains a complex process involving multiple steps, limited banking access, or significant delays. This partnership seeks to eliminate those barriers by leveraging MoneyGram’s extensive global network of physical locations.

According to Arjun Sethi, co-CEO of Kraken, the demand for reliable cash access has surged alongside the exchange’s international user base, particularly in regions with unstable currencies. In these markets, users increasingly rely on crypto platforms as alternatives to traditional banking systems.

“They want to store in USD or USD equivalent. They want to get yield. They want to do payments. They want to move money back and forth.”

Sethi emphasized that this usage pattern creates a pressing need for dependable off-ramps into cash, which the MoneyGram partnership directly addresses.

How the Service Works

Through the MoneyGram network, Kraken users can exchange their crypto holdings for local currency at designated locations. Each transaction incurs a variable exchange fee, ensuring transparency and flexibility for users.

MoneyGram’s Strategic Shift Toward Crypto

The partnership marks a significant evolution for MoneyGram, a legacy payments company that has faced competition from fintech firms and digital banks. In recent years, MoneyGram has prioritized modernizing its infrastructure by integrating digital assets, including stablecoins, into its payment flows.

Key developments in MoneyGram’s crypto strategy include:

• The launch of a noncustodial wallet to enhance user control over digital assets.
• Deeper integration of stablecoins to streamline cross-border transfers and reduce costs tied to traditional payment rails.
• A 2023 private equity acquisition that provided the financial flexibility to pursue these innovations outside public market constraints.

MoneyGram has positioned stablecoins as a backbone for efficient cross-border transactions, aiming to minimize settlement delays and operational costs.

Kraken’s Expansion and Future Plans

For Kraken, this partnership aligns with its broader expansion strategy as it prepares for a potential public listing. Beyond its core spot trading services, Kraken has made strategic acquisitions to diversify its offerings, including:

• The acquisition of NinjaTrader, a futures trading platform.
• The acquisition of Bitnomial, a derivatives trading venue.

These moves reflect Kraken’s ambition to compete across multiple asset classes while appealing to both institutional and retail users. Despite its institutional focus, Kraken’s growth in emerging markets has heavily influenced its product development priorities, particularly the need for accessible cash solutions in regions with underdeveloped or untrusted banking systems.

Industry Implications and Future Outlook

The collaboration between Kraken and MoneyGram signals a growing convergence between crypto platforms and traditional financial networks. While digital innovation drives adoption, the ability to access funds in everyday cash form remains a critical factor in mainstream acceptance.

Kraken has not yet disclosed a full timeline for the global rollout of this service or its IPO plans. However, the exchange did file draft registration documents in late 2025, indicating ongoing progress toward a potential public listing.