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05/05/26 11:23 UTC-04

Kraken Added Crypto-to-Cash Withdrawals via MoneyGram

Users of Kraken can now convert cryptocurrency into cash through one of the world’s largest payment systems. According to an official statement from MoneyGram, the partnership is aimed at solving the long-standing issue of “slow and complicated fund withdrawals.”

Cash as a Bridge

The partnership gives Kraken users access to nearly 500,000 physical MoneyGram locations.

Co-CEO Arjun Sethi stated that for customers in regions with unstable national currencies, such functionality is extremely important.


Post about the Kraken and MoneyGram partnership. Source: MoneyGram.

In many of these regions, people use the platform instead of a bank — storing funds in USD or equivalent assets, making payments, and seeking yield opportunities. Therefore, access to cash through company offices becomes critical infrastructure for them.

Growth Strategy and IPO Preparation

For MoneyGram, the move became part of a broader business digitalization strategy.

Company head Anthony Soohoo emphasized that the brand, once associated only with paper money transfers, is now actively implementing new technologies.

In September 2023, the company launched its own non-custodial wallet and integrated the stablecoin USD Coin into its operations.

Meanwhile, Kraken continues expanding its product lineup ahead of a possible IPO.

Over the past year, the platform acquired NinjaTrader and derivatives venue Bitnomial. In November, Kraken began preparing for an IPO.

Competition Among Payment Giants

While MoneyGram strengthens ties with exchanges, its main competitor, Western Union, is also expanding its Web3 presence.

On May 4, the company launched its own stablecoin USDPT on the Solana blockchain.

The payment giant plans to use the digital dollar for instant settlements within its agent network.

Representatives of Western Union stated that the project will combine blockchain speed with the company’s expertise in compliance and risk management.

See also: "France Prepares the World’s First Blockchain-Based IPO"

#MoneyGram #Kraken

Editor: Alyona Nabok
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