Crypto exchange Kraken is partnering with MoneyGram to allow customers convert digital assets into cash through the money transfer firm’s global retail network.
The move addresses one of crypto’s long-running practical challenges: moving funds from digital weallets into local currency.
The companies said Kraken users will be able to withdraw crypto as cash in hundreds of fiat currencies across more than 100 countries using MoneyGram’s cash pickup network.
The service will be rolled out in phases across Kraken’s platforms, covering clients in the United States, Europe, Latin America, Africa, and parts of Asia Pacific, per the announcement.
The tie-up comes as crypto platforms try to move beyond trading and speculation by making digital assets easier to use in everyday financial activity.
“Digital assets only matter at scale when they can interoperate with the financial systems people already depend on,” Kraken co-CEO Arjun Sethi said, adding that the partnership would create a bridge between digital asset markets and local cash economies.
Despite the wide popularity of stablecoins and crypto payments, many users still face challenges when covering digital balances into cash, especially in markets were access to banks is limited or cross-border fees remain costly.
Kraken will handle customer onboarding and identity verification, while MoneyGram will provide licensed money transmission services through its regulated payments infrastructure.
The initial rollout will focus on crypto-to-cash withdrawals, with the companies planning to later add local bank deposits and remittance-style cross-border payment flows through Kraken and its Krak global money app.
The deal extends MoneyGram’s push into crypto-linked services after several years of building APIs for fintech and digital asset partners.
For Kraken, the partnership gives the exchange access to a physical cash network that could be especially relevant in emerging markets, where crypto adoption has often grown faster than traditional banking infrastructure.