Kraken eyes IPO as it partners with MoneyGram to bridge crypto-to-cash gap

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Kraken eyes IPO as it partners with MoneyGram to bridge crypto-to-cash gap Payward and Kraken co-CEO Arjun Sethi says the exchange is “80% ready” to go public, as a new partnership with MoneyGram aims to expand access to digital assets by solving last-mile cash conversion. By Will Canny , AI Boost | Edited by Stephen Alpher May 5, 2026, 9:29 p.m. 2 min read Make preferred on Payward and Kraken co-CEO Arjun Sethi. (CoinDesk) What to know : Kraken is still preparing for an IPO, with co-CEO Arjun Sethi saying the company is “80% ready." MoneyGram and Kraken announced a partnership to enable easier conversion between crypto and cash globally. Both firms see stablecoins and digital assets lowering costs and expanding access, especially in underserved markets. 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. Read more: Kraken's parent company Payward to acquire derivatives exchange Bitnomial for $550 million in cash and stock Kraken Consensus Miami 2026 IPOs AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You State Street says institutions want improved blockchain security in wake of recent DeFi attacks By Ian Allison | Edited by Stephen Alpher 2 minutes ago Angus Fletcher, State Street’s head of digital assets said the young crypto industry needs to find solutions now before trillions in RWAs come on-chain. What to know : Morpho’s Dennis Bree said April was probably the month that has so far seen the most hacks in DeFi. DeFi curators are doing a lot more diligence, particularly in the wake of recent attacks. The young crypto industry needs to find solutions now, said State Street's Angus Fletcher. Read full story Latest Crypto News State Street says institutions want improved blockchain security in wake of recent DeFi attacks 2 minutes ago Crypto's 'barbell': speculation and stablecoin payments drive adoption, Tempo's Romero says 4 minutes ago Citi exec says fragmented crypto systems risk repeating old banking problems 6 minutes ago Overseas demand for U.S. equities is growing, says Robinhood's Johan Kerbrart 10 minutes ago Crypto ETFs go mainstream as traditional finance locks in 12 minutes ago Kelp claims that LayerZero approved the setup it blamed for $292 million bridge hack 1 hour ago Top Stories Strategy posts $12.54 billion Q1 loss on declining bitcoin price 1 hour ago Bitcoin extends gains to $81,500 as tokenization push lifts Bullish, Galaxy, Centrifuge 2 hours ago Ripple CEO Brad Garlinghouse says Clarity better than chaos as Senate hits key moment 5 hours ago Consensus Miami Day 1: Real-time coverage and highlights from on the ground 7 hours ago Figure targets Fannie Mae and Freddie Mac in mortgage push, citing massive cost cuts for borrowers 4 hours ago Coinbase cuts 14% of staff as AI reshapes how crypto companies operate 9 hours ago