Kraken will allow customers to convert cryptocurrency into cash at MoneyGram locations across more than 100 countries, addressing a longstanding gap in the digital asset ecosystem, according to an exclusive report from Fortune.
The partnership gives Kraken users access to nearly 500,000 physical locations worldwide, where they can exchange crypto holdings for local currency. The move targets a key friction point in crypto markets: while digital transfers settle with speed, converting assets into cash often involves multiple steps, limited banking access, or delays.
The initiative reflects rising demand for reliable cash access, driven in part by Kraken’s expanding presence in regions with unstable currencies.
Kraken co-CEO Arjun Sethi told Fortune that demand for reliable cash access has grown alongside the exchange’s international user base, especially in regions with unstable currencies. In those markets, users often treat crypto platforms as alternatives to banks.
“They want to store in USD or USD equivalent,” Sethi said. “They want to get yield. They want to do payments. They want to move money back and forth.”
That usage pattern creates a need for dependable off-ramps into cash. Through the MoneyGram network, Kraken users can bridge digital balances with local currency pickup, paying a variable exchange fee tied to each transaction.
The deal also marks a strategic shift for MoneyGram, a legacy payments company that has worked to modernize its operations after losing ground to fintech firms and digital banks. The company has focused on integrating digital assets into its infrastructure as part of a broader effort to reposition its business.
MoneyGram is dabbling with crypto
MoneyGram has spent recent years building crypto infrastructure, including a noncustodial wallet and deeper integration of stablecoins into its payment flows. The company has positioned stablecoins as a backbone for cross-border transfers, aiming to reduce costs and settlement delays tied to traditional rails. A private equity acquisition in 2023 gave the firm room to pursue that transformation outside public markets.
For Kraken, the deal adds to a period of expansion as it prepares for a potential public listing. The exchange has broadened its product suite beyond spot crypto trading, acquiring futures platform NinjaTrader and derivatives venue Bitnomial. Those moves reflect a strategy to compete across asset classes while strengthening its appeal to both institutional and retail users.
Despite its institutional focus, Kraken’s growth in emerging markets has shaped product priorities. Access to cash remains critical in economies where banking infrastructure lacks reach or trust.
The tie-up with MoneyGram signals a convergence between crypto platforms and traditional financial networks, where physical locations still play a key role. It also highlights how adoption depends not only on digital innovation, but on practical access to money in everyday form.
Kraken has not disclosed a full timeline for global rollout or its IPO plans, though it filed draft registration documents in late 2025.