Kraken, MoneyGram partner to cash out crypto at 500k locations

Kraken has partnered with MoneyGram to let customers convert cryptocurrencies into physical cash at nearly 500,000 retail locations across roughly 200 countries and territories. The service will launch in the United States first and then roll out to Europe, Latin America, Africa and parts of the Asia Pacific region.

Under the agreement announced Tuesday, Kraken will handle customer sign-ups and identity verification while MoneyGram will provide licensed transaction services and execute cash disbursements at its retail outlets. The cash withdrawal service will operate in more than 100 countries and support payouts in hundreds of local currencies. Kraken will complete know-your-customer and anti-money-laundering checks before funds are passed to MoneyGram’s payout network.

The companies said the partnership is the opening phase of a broader commercial relationship. Future additions planned by the firms include deposits to local banks and person-to-person transfers through Kraken’s Krak global money app.

The announcement came as Kraken advances work toward a possible public listing. The exchange submitted confidential filing paperwork to the Securities and Exchange Commission in November and paused active IPO plans in March after market conditions cooled. Kraken leadership described the company as “80% ready” to go public and added “We’re ready,” citing improvements in cost control and automation. Company statements say most IPO preparation is complete and executives are focused on timing the market.

Over the past year Kraken expanded beyond spot trading by acquiring futures exchange NinjaTrader and the derivatives platform Bitnomial. The exchange previously raised about $800 million at a reported $20 billion valuation, with participation from investors including Citadel Securities. Sector-wide valuation pressure has affected IPO timing for several cryptocurrency firms.

The deal arrives as Senate negotiators work on a bipartisan bill that would address a dispute between banks and crypto companies over rewards programs tied to stablecoins. Lawmakers have debated whether programs that pay annual percentage yields on stablecoin holdings resemble interest-bearing bank accounts. Banks warned such programs could draw deposits away from traditional institutions, while crypto firms argued restrictions would limit competition. Officials signaled progress toward a compromise that could advance a broader regulatory package.

Kraken and MoneyGram said the initial rollout will focus on cash withdrawals, with bank deposit options and conventional remittance-style transfers to follow. The companies did not provide a detailed timeline for global expansion beyond the staged regional launch.