Key Takeaways:

• Kraken users will soon be able to turn crypto into cash at nearly 500,000 MoneyGram locations worldwide.
• The partnership aims to make cashing out crypto faster and easier, especially in regions with limited banking access.
• Kraken and MoneyGram plan to expand the service further with local bank deposits and international money transfers.

US-based crypto exchange Kraken and global payments network MoneyGram announced a strategic global partnership on 5 May 2026, giving Kraken’s users the ability to convert crypto into physical cash at nearly 500,000 locations across more than 100 countries.

Kraken, founded in 2011, is among the world’s oldest and most established crypto trading platforms. MoneyGram, which has operated for more than 85 years, provides cross-border money transfer services in over 200 countries and territories. Transaction fees will vary depending on the exchange rate at the time users convert their crypto into cash.

Addressing crypto’s longstanding cash-out problem

Sending cryptocurrency is typically instant and borderless. Converting it back into spendable, physical cash, a process the industry calls “off-ramping,” is another matter entirely. It is often slow, restricted by geographical location, or costly for users living outside developed banking markets.

Under the partnership, Kraken will handle user sign-ups and identity verification, while MoneyGram will handle the movement of money through its licensed global payments network. Users will be able to receive instant or near-instant cash payouts in local currency through participating MoneyGram locations.

The service will launch gradually in phases, with early access available in the United States, Europe, Latin America, Africa, and parts of the Asia-Pacific region.

The partnership may be especially useful in countries where local currencies are unstable or access to banking services remains limited. In many of these regions, people already use crypto as an alternative way to store or transfer money.

Kraken co-CEO Arjun Sethi said the goal is to connect digital assets with the financial systems people use in everyday life.

Learn More: What Are Stablecoins, and How Do They Work?

MoneyGram’s transformation into a crypto-ready network

Long known for traditional money orders, MoneyGram has been overhauling its business to remain competitive in the digital payments era.

The company launched a self-custody crypto wallet in September 2023, allowing users to retain direct control of their digital assets rather than relying on a third party to hold them. It has also integrated stablecoins into parts of its payment operations.

In December 2025, MoneyGram partnered with blockchain infrastructure company Fireblocks to support stablecoin-powered payments between businesses.

Related: Kraken Plans Stock Market Debut Again as Major Investor Steps In

Part of Kraken’s broader expansion drive

For Kraken, the partnership is part of a larger expansion strategy. In April 2026, the company filed for a US initial public offering, or IPO — the process through which a private company begins selling shares to public investors. The filing followed a $200-million investment from Deutsche Börse Group, one of Europe’s largest exchange operators.

Kraken also acquired futures trading platform NinjaTrader and derivatives exchange Bitnomial to expand its services.

Both Kraken and MoneyGram said the collaboration is only the first stage of a wider partnership that may later include local bank deposits and international money transfers through Kraken and its Krak money app.