Leading US-based cryptocurrency exchange Kraken has joined forces with MoneyGram, in a bid to make it easier for users to cash out their digital asset holdings in more than 100 countries around the world.
Kraken and MoneyGram make crypto withdrawal easier
Catering to the user demand for seamless crypto-to-cash withdrawals, Cheyenne-headquartered cryptocurrency trading platform Kraken has partnered with MoneyGram, a global peer-to-peer money transfer firm.
While cryptocurrency transfers are usually quick and seamless, there is typically a delay observed while trying to convert crypto to fiat currencies and withdraw. In such cases, users have to usually navigate through a slow, tedious process that might sometimes even take several days.
Addressing this bottleneck, the fresh partnership announced on Tuesday seeks to make it easier for crypto enthusiasts to quickly cash out their holdings. Although Kraken’s primary user base comprises major US-based traders and institutional investors, the exchange is seeing fast adoption in emerging markets with volatile currencies.
For example, countries like Turkey, Argentina, and others frequently face high volatility in their local currencies, making it a necessity to convert crypto to cash instantaneously. The alliance with MoneyGram fixes this issue.
By partnering with MoneyGram, Kraken users will have the option of tapping any of the 500,000 locations worldwide, including brick-and-mortar options where they’re charged a small exchange fee to cash out their crypto holdings.
MoneyGram’s vision now includes crypto
MoneyGram’s decision to partner with Kraken is not out of the blue. The move is a part of a long-term vision of embracing the new asset class into its daily operations as the company pivots away from being just a legacy payments organization.
Commenting on the development, Anthony Soohoo, the CEO of MoneyGram, remarked that the alliance with Kraken is “just another step in the process of digitizing.”
To recall, MoneyGram has typically functioned as a firm associated with paper money orders. However, over the past two decades, it has lost its market share to upstart fintech firms and online banks.
As a measure to survive in the new reality, the firm recently developed a fully non-custodial crypto wallet and incorporated stablecoins throughout its operations. Notably, the firm went private in 2023.
Meanwhile, Kraken is preparing for its highly anticipated initial public offering (IPO). Although the exchange initiated the IPO process in November 2025, it has not yet revealed when exactly it plans to get listed on public markets.