Overview
- A partnership announced Tuesday between Kraken and MoneyGram will let customers convert crypto to local-currency cash at nearly 500,000 payout sites in more than 100 countries, with instant or near-instant pickup.
- Kraken will handle onboarding, identity checks, liquidity and compliance while MoneyGram provides licensed money-transfer rails and in-person cash pickup locations.
- The service will launch in phases across the United States, Europe, Latin America, Africa and parts of Asia Pacific, and the companies have not shared exact pricing or a full rollout schedule.
- Each cash withdrawal will carry a variable exchange fee, and the roadmap could add local bank deposits and cross-border payouts that use stablecoins to cut costs and speed settlement.
- MoneyGram enters the deal with crypto infrastructure already in place, including a noncustodial wallet, partner APIs and stablecoin-based settlement built to move funds faster and reduce fees.