Kraken Eyes IPO and Partners With MoneyGram to Solve Crypto’s Cash Problem

TLDR

• Kraken co-CEO Arjun Sethi says the exchange is “80% ready” to go public after filing with the SEC
• Kraken has paused its IPO, waiting for the right market conditions before listing
• A new partnership with MoneyGram will let users convert crypto to cash at 500,000 retail locations worldwide
• Both companies say stablecoins can cut costs and reduce inefficiencies in global payments
• MoneyGram, taken private in 2023, says it is focused on rebuilding before considering a public listing

Kraken co-CEO Arjun Sethi says the crypto exchange has completed roughly 80% of its IPO preparations and has already filed confidentially with the U.S. Securities and Exchange Commission. The company is now waiting for the right moment in the market before moving forward with a public listing.

Sethi made the comments at Consensus Miami alongside Anthony Soohoo, chairman and CEO of MoneyGram, where the two companies announced a new partnership.

The deal is designed to solve what both executives called the “last mile” problem in crypto — the difficulty of converting digital assets into physical cash, especially in regions with limited banking infrastructure.

MoneyGram operates around 500,000 retail locations globally, giving Kraken users access to cash conversion points in markets across Latin America and other underserved regions.

Sethi pointed to Latin America as a key target market, saying people need physical cash access during the onboarding process. The MoneyGram network is meant to fill that gap.

Stablecoins at the Center

Both executives highlighted stablecoins as a key part of making the partnership work. Soohoo said stablecoins can “remove waste” and lower costs across payment systems.

Sethi was more direct, saying that intermediaries in the current financial system are “the losers” as crypto firms take on roles that banks once held.

The two companies see stablecoins as especially useful in regions where financial infrastructure is underdeveloped, where traditional payment rails are slow and expensive.

CoinDesk reported in March 2026 that Kraken had paused its IPO plans after its confidential SEC filing in November 2025, with sources saying the company would revisit a listing when conditions improved.

Sethi confirmed the company has filed but is waiting for the right window. “We’re ready,” he said, pointing to cost discipline and automation as signs the company is prepared.

MoneyGram’s Own Timeline

The firm is prioritizing long-term value over short-term pressure, according to Soohoo.

The partnership between the two companies focuses on cheaper and faster financial access, with a specific focus on people outside the traditional banking system.

Kraken’s IPO filing remains with the SEC as the company monitors market conditions for the right time to proceed.

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