Key Takeaways:
- Kraken partnered with Moneygram to support crypto-to-cash withdrawals across more than 100 countries.
- Customers can access local currency through Moneygram’s regulated international cash pickup network.
- Expansion plans include local bank deposits, cross-border flows, and additional money movement options.
Kraken Moneygram Partnership Expands Crypto Cash Access
Crypto exchange Kraken announced on May 5 a strategic global partnership with Moneygram to support crypto-to-cash withdrawals through Moneygram’s international pickup network. The service will let customers convert digital assets into local currency across hundreds of fiat currencies and more than 100 countries, expanding practical access to cash-based crypto off-ramps. The companies framed the launch as a practical link between digital assets and cash access.
The first phase centers on customers moving crypto into cash through their own accounts, with payouts available through Moneygram’s global network. Kraken said:
“Through this partnership, millions of our customers will be able to withdraw crypto as cash in hundreds of fiat currencies, spanning more than 100 countries worldwide, using Moneygram’s extensive global cash pickup network.”
The companies are using the partnership to connect Kraken’s exchange, liquidity, and compliance infrastructure with Moneygram’s regulated payment systems. Arjun Sethi, Kraken co-CEO, said the goal is to link digital asset markets with financial systems people already use. The arrangement also supports instant or near-instant cash payouts, improving usability for customers who need local currency.
Crypto Withdrawals Set Stage for Bank Deposit Expansion
The integration separates the main operating roles between the two companies. Kraken is responsible for customer onboarding and identity verification. Moneygram provides licensed money transmission through its regulated global payment infrastructure and compliance framework. The service gives users a more flexible path from crypto balances into local money without relying only on traditional bank-linked transfers. Moneygram has also built APIs for crypto and fintech partners to connect with domestic and cross-border off-ramp services. Those connections support broader money movement through established payment infrastructure.
Kraken said:
“This is the first step in a broader partnership, expanding over time to include local bank deposits and to utilize Moneygram’s cross-border remittance-style flows.”
The phased rollout will support clients in the U.S., Europe, Latin America, Africa, and parts of Asia Pacific. Anthony Soohoo, Moneygram CEO, detailed: “Moneygram is the distribution layer that makes crypto accessible at scale: nearly 500,000 retail locations across 200 countries and territories, giving Kraken customers access to the world’s largest crypto-to-cash off-ramp.” The partnership begins with cash withdrawals and sets up a broader expansion into local bank deposits and additional money movement options.
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