Kraken Taps MoneyGram Network To Tackle Crypto's Cash-Out Problem

The partnership, announced on May 5 at Consensus Miami, will allow Kraken users to withdraw crypto in hundreds of fiat currencies through MoneyGram's global cash pickup network. The rollout will occur in phases across the US, Europe, Latin America, Africa and parts of Asia Pacific, according to the two companies.

The move comes as digital asset firms increasingly turn to traditional financial infrastructure to solve one of crypto's biggest barriers to mainstream use: converting digital assets into usable local money at scale.

Crypto's off-ramp problem

The deal reflects a broader shift across the crypto industry as exchanges move beyond speculative trading and deeper into payments, remittances and real-world financial services. 

While crypto adoption has expanded globally, reliable "off-ramp" infrastructure that allows users to seamlessly convert digital assets into local cash remains limited in many parts of the world, particularly in emerging economies and underbanked regions.

"As crypto adoption continues to grow globally, access to reliable cash off-ramps remains a critical barrier for everyday use," Kraken and MoneyGram said in the joint announcement. 

Kraken co-CEO Arjun Sethi said the partnership reflects the growing alignment of crypto and traditional finance infrastructure, adding that "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."

Kraken's push beyond trading

The partnership aligns with Kraken's broader push beyond exchange trading into global payments and money movement. 

The company has recently expanded offerings around stocks, futures and its Krak global money app, which focuses on cross-border transfers and digital payments. The MoneyGram integration is expected to expand over time to include local bank deposits and remittance-style payment flows across Kraken and the Krak app ecosystem.

Industry observers increasingly view such partnerships as critical to crypto's next growth phase, particularly in regions where users rely on digital assets for dollar access, remittances and cross-border payments. 

For MoneyGram, which operates nearly 500,000 retail locations across more than 200 countries and territories, the deal further deepens its expansion into crypto and blockchain-based payment infrastructure while giving Kraken access to a global cash distribution network.