Strategy Reports Q1 Results: Over $12 Billion In Red Ink—Here Are The Key Figures
Strategy's Q1 2026 results show over $12 billion in losses.
NewsBTC1 min read
News
Kraken eyes IPO as it partners with MoneyGram to bridge crypto-to-cash gap
TL;DR
Kraken is approximately 80% ready for an IPO and has partnered with MoneyGram to address the crypto-to-cash gap. This partnership aims to enhance global adoption by providing access to cash through MoneyGram's extensive network of 500,000 retail locations.
Key points
- Kraken is about 80% ready for an IPO
- Partnership with MoneyGram aims to solve crypto-to-cash gap
- MoneyGram has around 500,000 retail locations worldwide
- Focus on regions with lagging financial infrastructure
- Customers still want access to cash
Mentioned in this story
KrakenMoneyGramArjun SethiAnthony Soohoo
Miami Beach, FL — Arjun Sethi, co-CEO of Payward and Kraken, said the crypto exchange is “about 80% ready” to go public, underscoring the firm's IPO ambitions as the company rolls out a new partnership with MoneyGram aimed at solving crypto’s “last mile” problem.
Speaking alongside Anthony Soohoo, chairman and CEO of MoneyGram, at Consensus Miami, Sethi framed the deal as a way to bridge the gap between digital assets and physical cash, a critical gap in global adoption. MoneyGram brings scale: roughly 500,000 retail locations worldwide.
CoinDesk reported in March that Kraken had paused its IPO plans after confidentially filing with the Securities and Exchange Commission (SEC) in November, with sources saying it may revisit a listing when market conditions improve.
“This is the first step of working together to solve the last mile,” Soohoo said, noting that “in many situations, customers still want access to cash.”
That’s especially true in regions where financial infrastructure lags. “People need cash at an onboarding location,” Sethi said, pointing to markets in Latin America and beyond. “Partnering with MoneyGram helps solve that.”
Moderator Ben Weiss noted that users increasingly treat exchanges like banks. Sethi said that the shift reflects a deeper transformation. “A lot of what banks used to do is now being done by crypto firms.”
Both executives pointed to stablecoins as a key unlock. Soohoo said they can “remove waste” and lower costs across the system, while Sethi was more blunt: “Intermediaries are the losers here, but they should be.”
On Kraken’s IPO, Sethi said the company has filed but is waiting for the right moment. “We’re ready,” he said, citing a broader industry reset driven by automation and tighter cost discipline.
MoneyGram, taken private in 2023, is in no rush. “We’re focused on rebuilding the company,” Soohoo said, emphasizing long-term value over quarterly pressure.
The shared goal: cheaper, faster financial access, especially for those left outside the traditional system.
Q&A
What is Kraken's current status regarding its IPO plans?
Kraken is about 80% ready for an IPO after previously pausing its plans due to challenging market conditions.
How does the partnership between Kraken and MoneyGram work?
The partnership aims to bridge the gap between digital assets and physical cash, allowing customers to access cash at MoneyGram's retail locations.
What regions will benefit from Kraken's partnership with MoneyGram?
The partnership is particularly focused on regions with underdeveloped financial infrastructure, such as parts of Latin America.
