According to an exclusive Fortune report, Kraken will enable customers to convert cryptocurrencies into cash at MoneyGram locations in over 100 countries, addressing a long-standing gap in the digital asset ecosystem.
The partnership will give Kraken users access to approximately 500,000 physical locations around the world, where they can exchange their crypto holdings for local currency. The move targets a key friction point in the cryptocurrency market. While digital transfers are quick to resolve, converting assets into cash often requires multiple steps, limited bank access, and delays.
The initiative reflects the growing demand for reliable access to cash, in part due to Kraken’s growing presence in regions with volatile currencies.
Kraken co-CEO Arjun Sethi told Fortune that with the exchange’s international user base, demand for reliable cash access is growing, especially in regions with volatile currencies. In these markets, users often treat crypto platforms as banking alternatives.
“They want to keep it in U.S. dollars or U.S. dollar equivalents,” Sethi said. “They want to earn yield, they want to make payments, they want to move money back and forth.”
This usage pattern creates the need for a reliable off-ramp to cash. Through the MoneyGram network, Kraken users can pay a floating exchange fee associated with each transaction and bridge their digital balance with receiving local currency.
The deal also marks a strategic shift for MoneyGram, a legacy payments company that has been working to modernize its operations after losing ground to fintech companies and digital banks. The company is focused on integrating digital assets into its infrastructure as part of a broader effort to reposition its business.
MoneyGram is dabbling in cryptocurrencies
MoneyGram has spent recent years building out its crypto infrastructure, including a non-custodial wallet and deeper integration into stablecoin payment flows. The company aims to position stablecoins as the backbone of cross-border remittances, reducing costs and payment delays associated with traditional railways. A private equity acquisition in 2023 gave the company room to pursue its transformation outside the public markets.
For Kraken, the deal further strengthens its expansion period toward a potential public listing. The exchange has acquired futures platform NinjaTrader and derivatives exchange Bitnomial, expanding its product suite beyond spot trading of cryptocurrencies. These moves reflect a strategy to compete across asset classes while strengthening its appeal to both institutional investors and retail users.
Despite its institutional focus, Kraken’s growth in emerging markets has shaped its product priorities. Access to cash remains critical in an economy where banking infrastructure is out of reach and trust is lacking.
The partnership with MoneyGram signals the convergence of crypto platforms with traditional financial networks, where physical location still plays an important role. It also highlights how adoption depends not only on digital innovation but also on practical access to money in everyday forms.
Kraken has not disclosed a complete timeline for its global expansion or IPO plans, but has filed draft registration documents in late 2025.
This post first appeared on Kraken Partners With MoneyGram to Enable Crypto Cash-outs at 500,000 Locations Worldwide and was written by Micah Zimmerman.
