MoneyGram Lets Kraken Users Withdraw Crypto as Cash

MoneyGram and Kraken announced Tuesday that Kraken customers can withdraw cryptocurrency as cash at about 500,000 MoneyGram kiosks across roughly 100 countries, with payouts described as instant or near-instant.

The arrangement links Kraken’s trading and compliance systems with MoneyGram’s global payout network. Kraken will provide liquidity and settlement services while MoneyGram locations handle cash distribution. Kiosk operators will charge variable withdrawal fees.

The partners said they plan to expand the service to support local bank deposits and cross-border remittance flows.

Kraken co-CEO Arjun Sethi stated, “Digital assets only matter at scale when they can interoperate with the financial systems people already depend on. By integrating Kraken’s liquidity, exchange and compliance infrastructure with MoneyGram’s global payout network, we are building a scalable bridge between digital asset markets and local cash economies.”

MoneyGram has worked with crypto infrastructure firms, including a custody and settlement provider for stablecoin-based global wires, and invested in a bitcoin ATM operator that was later acquired by another crypto company.

Kraken's parent company, Payward, recently completed the acquisition of derivatives exchange Bitnomial, enabling the group to offer crypto derivatives in the U.S. Payward obtained a Federal Reserve master account in March, submitted a confidential draft registration for a potential public offering last year, and accepted a $200 million investment from Deutsche Börse Group.

The kiosk withdrawals let users convert a range of cryptocurrencies to local currency and pick up cash at MoneyGram locations, providing an option for customers in countries with limited direct bank rails or crypto-linked banking services.