Crypto exchange Kraken announced on May 5 a global strategic partnership with Moneygram, enabling users to withdraw digital assets as cash through Moneygram's international pickup network. The service covers more than 100 countries and hundreds of fiat currencies, offering a practical off-ramp from crypto to cash.
Phase One: Crypto-to-Cash at Thousands of Locations
Kraken handles customer onboarding, identity verification, and exchange liquidity. Moneygram provides licensed money transmission through its regulated infrastructure. Users convert crypto in their Kraken accounts and pick up local currency cash at Moneygram agent locations, with instant or near-instant payouts. Kraken Co-CEO Arjun Sethi said the goal is to bridge digital asset markets with financial systems people already use.
Kraken stated: “Through this partnership, millions of our customers will be able to withdraw crypto as cash in hundreds of fiat currencies, spanning more than 100 countries worldwide, using Moneygram’s extensive global cash pickup network.” Moneygram CEO Anthony Soohoo added: “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.”
Bank Deposits and Cross-Border Remittances Coming Next
Kraken framed the cash withdrawal launch as the first step. “This is the first step in a broader partnership, expanding over time to include local bank deposits and to utilize Moneygram’s cross-border remittance-style flows,” the company said. Future phases will let users send crypto directly to bank accounts and move money across borders.
Kraken provides exchange, liquidity, and compliance; Moneygram supplies regulated APIs for crypto and fintech partners to access domestic and cross-border off-ramp services. The initial rollout targets the U.S., Europe, Latin America, Africa, and parts of Asia Pacific. Soohoo emphasized that Kraken clients now have access to “the world’s largest crypto-to-cash off-ramp,” with Moneygram acting as the distribution layer that makes digital assets accessible at scale.