Kraken IPO Nears as Crypto Exchange Expands MoneyGram Partnership

Kraken is moving closer to a potential public listing, with co-CEO Arjun Sethi revealing the crypto exchange is “about 80% ready” for an IPO. Speaking at Consensus Miami alongside MoneyGram CEO Anthony Soohoo, Sethi highlighted Kraken’s growing focus on global crypto adoption through a new partnership designed to bridge the gap between digital assets and traditional cash access.

The collaboration between Kraken and MoneyGram aims to solve what Sethi called crypto’s “last mile” problem. While digital assets continue to gain traction worldwide, many users still rely heavily on physical cash, especially in developing regions with limited banking infrastructure. MoneyGram’s network of nearly 500,000 retail locations worldwide is expected to help users convert between cash and cryptocurrency more easily.

Sethi explained that the partnership is particularly important in regions such as Latin America, where many consumers still need cash onboarding points to access financial services. He noted that crypto firms are increasingly taking over functions traditionally handled by banks, signaling a major transformation in the global financial system.

Stablecoins also emerged as a key topic during the discussion. Soohoo stated that stablecoins could reduce inefficiencies and lower transaction costs across cross-border payments and remittance services. Sethi added that intermediaries in traditional finance could lose relevance as blockchain-based solutions become more efficient and accessible.

Kraken’s IPO plans have attracted significant industry attention after reports surfaced that the exchange confidentially filed paperwork with the U.S. Securities and Exchange Commission in late 2024. Although the company reportedly paused its listing plans earlier this year due to market conditions, Sethi confirmed Kraken remains prepared to move forward when the timing improves.

Meanwhile, MoneyGram, which went private in 2023, remains focused on long-term growth rather than returning to public markets. Both companies emphasized their shared mission of making financial services cheaper, faster, and more accessible worldwide.