Source: Fortune
Summary
Kraken, a crypto exchange, has partnered with MoneyGram to allow users to exchange crypto for fiat currency. The partnership aims to solve the problem of slow and complex conversion systems, particularly for users in countries with volatile currencies. Kraken’s customers can now use MoneyGram’s 500,000 locations worldwide to cash out their crypto holdings. The partnership is part of MoneyGram’s efforts to revamp its business and Kraken’s expansion of its products and services as it eyes an IPO.
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The numbers tell one story.
Kraken’s partnership with MoneyGram is a strategic move to cater to its growing user base in countries with volatile currencies. The deal provides Kraken’s customers with a convenient way to cash out their crypto holdings, while MoneyGram gets to revamp its business by embracing digital currency. Kraken’s co-CEO Arjun Sethi says the partnership is “really important” for users who want to store and move money in USD or equivalent. The deal is also part of MoneyGram’s broader push to digitize its operations and stay competitive in the fintech space.
Kraken’s users can now cash out their crypto at almost 500,000 MoneyGram locations worldwide.
MoneyGram’s legacy business is getting a digital facelift.
Kraken’s IPO plans remain unclear, but the partnership with MoneyGram is a step in the right direction.
When a legacy fintech firm teams up with a crypto exchange, it’s a sign that the old guard is learning new tricks.
Author: Evan Null
