Kraken Says It Is 80% Ready for an IPO as MoneyGram Deal Expands Cash Access

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Kraken co-CEO Arjun Sethi said the crypto exchange is “about 80% ready” to go public, delivering the update at Consensus Miami alongside the announcement of a new partnership with MoneyGram that would give Kraken users access to cash services at MoneyGram’s roughly 500,000 retail locations worldwide.

Kraken and MoneyGram Partner to Bridge Crypto and Cash at Retail Locations

CoinDesk reported in March, citing unnamed sources, that Kraken had paused its IPO plans following a confidential SEC filing in November 2024. At Consensus Miami, Sethi said the company has filed and is waiting for the right moment, pointing to what he described as an industry shift toward automation and lower operating costs as a tailwind for the business. “We’re ready,” he said.

Sethi and MoneyGram chairman and CEO Anthony Soohoo appeared together at Consensus Miami to announce the partnership, which both executives framed as addressing the gap between digital assets and physical cash. MoneyGram was acquired by private equity firm Madison Dearborn Partners in 2023; Soohoo said the company is focused on long-term rebuilding rather than a near-term public listing.

“This is the first step of working together to solve the last mile,” Soohoo said, referring to the gap between digital assets and physical cash access, adding that “in many situations, customers still want access to cash.” Sethi pointed specifically to markets in Latin America as examples where physical cash access remains essential, stating: 

“People need cash at an onboarding location. Partnering with MoneyGram helps solve that.”

The companies did not disclose how the service would work, which markets it would launch in, or when it would be available to users. 

Sethi Says Crypto Firms Are Taking On Traditional Banking Functions 

During a moderated discussion at Consensus Miami, Sethi and Soohoo addressed broader questions about crypto’s role in the financial system. Asked about whether crypto exchanges are beginning to function like banks, Sethi said crypto firms are increasingly taking on roles traditionally handled by banks.

“A lot of what banks used to do is now being done by crypto firms,” he said.

On stablecoins, Soohoo said they can “remove waste” and lower costs across the financial system. On the role of intermediaries, Sethi said:

“Intermediaries are the losers here, but they should be.”

Sethi appeared to be referring to traditional financial intermediaries such as payment processors and correspondent banks. Kraken has not announced a timeline for its IPO or for the MoneyGram partnership’s rollout.