Kraken, MoneyGram offer crypto-to-cash in 100+ countries

Kraken and MoneyGram announced on May 5 a global partnership that lets customers withdraw cryptocurrency as local‑currency cash through MoneyGram’s pickup network in more than 100 countries.

The integration links Kraken’s exchange and customer onboarding systems with MoneyGram’s licensed money‑transfer infrastructure to provide physical cash payouts in hundreds of fiat currencies.

Under the agreement, Kraken handles customer onboarding and identity verification while MoneyGram supplies regulated money transmission, compliance oversight and cash payout capabilities. Payouts are available through MoneyGram’s retail network, which the companies say covers nearly 500,000 locations across about 200 countries and territories. The first phase enables customers to convert crypto into cash in their own names and collect local‑currency payouts at MoneyGram pickup points.

Kraken review described the service as enabling instant or near‑instant cash withdrawals in local currency for users who prefer cash over bank transfers. Arjun Sethi, Kraken’s co‑CEO, said the goal is to “link digital asset markets with financial systems people already use,” and emphasized easier access to cash for customers.

MoneyGram positioned its role as the regulated distribution channel. Anthony Soohoo, MoneyGram’s CEO, called the company the “distribution layer that makes crypto accessible at scale” and noted the network gives Kraken customers access to what he described as the world’s largest crypto‑to‑cash off‑ramp.

The companies said the current offering is the first phase of a broader partnership. Future phases are expected to add local bank deposits, use MoneyGram’s cross‑border remittance flows and introduce additional money‑movement options. MoneyGram has built application programming interfaces for crypto and fintech partners to connect with domestic and cross‑border off‑ramp services so other platforms can use the same payout rails.

The rollout will target customers in the United States, Europe, Latin America, Africa and parts of the Asia‑Pacific region. By assigning Kraken to exchange operations and identity checks and MoneyGram to licensed transmission and payouts, the service creates a direct path from crypto balances to cash without relying solely on bank‑linked transfers.