Overview
- Kraken will let customers turn crypto into cash at MoneyGram locations in more than 100 countries, in a partnership announced Tuesday at Consensus in Miami.
- The network reaches nearly 500,000 retail sites where payouts are instant or near-instant and users pay a variable exchange fee for each withdrawal.
- Kraken manages onboarding, identity checks, liquidity and compliance, while MoneyGram supplies the licensed money-transfer service and regulated cash pickup.
- The service will roll out in phases across the United States, Europe, Latin America, Africa and parts of Asia Pacific, with a roadmap to add local bank deposits and cross-border payout options.
- Kraken’s co-CEO said the company is about 80% ready for an IPO after a confidential SEC filing, though it is waiting for market conditions, as both firms highlight stablecoins to lower payment costs.