Kraken & MoneyGram Partner for Global Crypto Cash Withdrawals at 500,000 Locations

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Kraken Strikes Deal with MoneyGram for Worldwide Crypto Cash Withdrawals

Kraken, a popular cryptocurrency exchange, is now working with MoneyGram. This allows users to easily convert their crypto into cash at almost 500,000 locations in over 100 countries.

Kraken and MoneyGram have partnered to let Kraken customers easily turn their cryptocurrency into cash. Customers can then withdraw that cash using MoneyGram’s large network of locations around the world. Fees for this service will vary based on where you are and how much you’re transferring.

As an analyst, I see MoneyGram as a major player in the global fintech space. They really focus on getting money transferred internationally, handling remittances, and offering various payment solutions. What sets them apart is their incredibly extensive cash network – it’s one of the largest worldwide.

This collaboration aims to solve a common problem for crypto users: it’s often slow, costly, and difficult to convert cryptocurrency into regular money like dollars or euros.

Pain point for users in volatile markets

Kraken co-CEO Arjun Sethi recently told Fortune that many of their customers, particularly in countries with unreliable currencies, are starting to use the platform much like a traditional bank. They’re using it to hold US dollars or stablecoins, earn interest, send payments, and transfer money internationally. However, withdrawing funds has historically been a difficult part of the process.

Sethi emphasized the importance of that exit ramp. The service could be especially helpful in developing countries, where people still primarily use cash and don’t have easy access to dependable banking.

Kraken is partnering with MoneyGram’s physical locations to help people use cryptocurrency for everyday purchases, not just buying and selling it as an investment.

MoneyGram’s digital push

As I’ve been researching MoneyGram, it’s clear they’re really changing how they do business. For years, they were known for classic money transfers – things like paper orders. But recently, they’ve been feeling the heat from newer, more tech-focused competitors in the financial technology space.

The company has reacted by launching a self-custody crypto wallet, adding stablecoins, and broadening its digital services. CEO Anthony Soohoo called the partnership with Kraken simply “part of our ongoing effort to become fully digital.”

MoneyGram was taken private by a private equity firm in 2023 to support its modernization. 

Kraken is expanding beyond just being a trading platform, and this partnership is a key part of that growth. They filed for an IPO last November and recently bought companies like NinjaTrader and Bitnomial. Now, they’re focusing on making it easier for regular customers to use their services by improving how they can convert crypto back into traditional currency.

The companies haven’t announced specific launch dates, which types of digital items will work with the service, or how much it will cost. They did say it’s coming soon.

MoneyGram has tried cryptocurrency features in the past, but this new partnership is much larger. How successful it will be depends on whether the prices are competitive, if regulators approve it in different countries, and how easy it is for customers to use.

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2026-05-05 15:32