Kraken partners with MoneyGram for global crypto cash-outs

Kraken has teamed up with MoneyGram to let users convert crypto into cash for pickup across more than 100 countries, expanding access to off-ramps through its global retail network.

According to Tuesday’s announcement, Kraken users will be able to convert digital assets into local currency and collect cash instantly or near-instantly through MoneyGram’s payout network, which supports hundreds of fiat currencies.

The service will roll out in phases across regions including the US, Europe, Latin America, Africa and parts of Asia-Pacific, with plans to add bank deposits and cross-border payouts later.

Source: Krakenfx

Source: Krakenfx

Kraken said it will handle customer onboarding and compliance, while MoneyGram provides the locally licensed payout infrastructure through its global money transfer network. The initial launch focuses on cash withdrawals, with both companies planning to expand the integration into additional payment rails and remittance-style flows over time.

MoneyGram, one of the largest global remittance providers, operates about 500,000 locations across more than 200 countries