Kraken Partners with MoneyGram to Simplify Crypto-to-Cash Conversions

Kraken, a leading US-based cryptocurrency exchange, has taken a significant step towards expanding its services by partnering with MoneyGram, a well-established money transfer firm.

The partnership allows users to convert cryptocurrencies into cash through MoneyGram's vast network of locations worldwide. This service is made possible through MoneyGram Ramps, a business-to-business platform that enables digital wallets or crypto exchanges to connect users to the physical cash network.

Kraken manages customer onboarding and identity verification processes, while MoneyGram supplies the licensed money transmission service. The setup uses stablecoins such as USD Coin (USDC) for settlement, ensuring a steady value relative to the US dollar.