Kraken Partners with MoneyGram to Offer Crypto-to-Cash Withdrawals | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
Cryptocurrency exchange Kraken has struck a global partnership with payments network MoneyGram, enabling Kraken customers to withdraw digital assets as cash across more than 100 countries through MoneyGram’s retail network.
The integration allows customers to convert cryptocurrency into hundreds of fiat currencies, with funds available for collection at nearly 500,000 MoneyGram locations across 200 countries and territories.
The companies said payouts would be available instantly or near-instantly, addressing what they described as a persistent barrier to everyday crypto use: the lack of reliable cash off-ramps.
Kraken Co-Chief Executive Arjun Sethi said the partnership aimed to build “a scalable bridge between digital asset markets and local cash economies,” arguing that digital assets only achieve meaningful scale when they interoperate with existing financial systems.
MoneyGram Chief Executive Anthony Soohoo said the deal would give Kraken customers access to “the world’s largest crypto-to-cash off-ramp.”
Under the arrangement, Kraken retains responsibility for customer onboarding and identity verification, whilst MoneyGram provides licensed money transmission through its regulated global infrastructure.
The service will roll out in phases across the United States, Europe, Latin America, Africa and parts of Asia Pacific.
The companies indicated the initial launch represented the first stage of a broader partnership, with plans to expand into local bank deposits and cross-border remittance flows through Kraken’s global money app over time.
