Kraken and MoneyGram: Where Cash Clashes with Crypto

Kraken and MoneyGram have announced a strategic partnership that will see the companies work together to allow customers using Kraken’s global crypto platform to withdraw their assets as cash.

Using MoneyGram’s global money system, Kraken customers in more than 100 countries worldwide can withdraw in fiat currencies.

The partnership is aimed at solving an ongoing problem of consumers gaining access to what the announcement refers to as “reliable” cash off-ramps designed for everyday use in mind.

The announcement comes at a time when global access to cash off-ramps seen as failing to keep up with global demand. 

The partnership between Kraken and MoneyGram is designed to address this issue directly, providing critical access points for crypto exchanges. 

The announcement details how access to reliable cash-off ramps remains a “critical barrier” for everyday use. 

By supporting off-ramping where the customer can transfer funds to their own accounts, the partnership builds a more flexible bridge between digital assets and local money movement. 

Arjun Sethi, Co-CEO at Kraken, notes: “Digital assets only matter at scale when they can interoperate with the financial systems people already depend on. 

“By integrating Kraken’s liquidity, exchange and compliance infrastructure with MoneyGram’s global payout network, we are building a scalable bridge between digital asset markets and local cash economies. 

“The future of finance will be defined by convergence: a unified financial stack where crypto and traditional rails work together to move value more efficiently.”

What inspired MoneyGram to leap into crypto? 

Global money movement service MoneyGram has placed a particular focus on crypto over the last five years. MoneyGram currently serves more than 50 million customers.  

The payments network has introduced its application programme interfaces (APIs) that support fintech and crypto partners to connect to MoneyGram’s services directly, covering both domestic and cross-border off-ramps. 

Anthony Soohoo, CEO at MoneyGram, explains: “True financial inclusion happens when digital value meets everyday life.

“MoneyGram is the distribution layer that makes crypto accessible at scale: nearly 500,000 retail locations across 200 countries and territories, giving Kraken customers access to the world's largest crypto-to-cash off-ramp.”

How does it work? 

Through the partnership with Kraken, customers can now access “instant or near-instant” payouts in cash, the announcement states. 

By integrating the services of both leaders, the off-ramp is secure, offering a reliable solution for customers. 

Holding responsibility for the compliance element, Kraken will handle customer onboarding in addition to identity verification for consumers. 

MoneyGram will continue to focus on providing its renowned money transmission service through a compliant framework. 

With a focus on seamless withdrawals noted as the first step, the partnership will expand over time, making use of Kraken’s technology portfolio. 

Over stages, the service will be available to clients in the US, Latin America, Europe, Africa and some parts of APAC.

Later steps include the expansion to include local bank deposits, alongside a further range of cross-border payment options across not only Kraken and the company’s global money app, Krak.