Kraken Nears IPO as Payward Partners With MoneyGram

TL;DR

• Kraken is about 80% ready for an IPO, according to co-CEO Arjun Sethi, but is waiting for better market conditions.
• Meanwhile, its parent Payward has partnered with MoneyGram to bridge crypto and cash access globally, aiming to solve the industry’s “last mile” problem and expand adoption, especially in underserved regions.

Kraken Eyes IPO as it Partners with MoneyGram

Arjun Sethi, co-CEO of Payward and Kraken, revealed that the exchange is “about 80% ready” to go public, signaling renewed IPO ambitions as it unveils a strategic partnership with MoneyGram.

Speaking at Consensus Miami alongside MoneyGram CEO Anthony Soohoo, Sethi described the collaboration as a solution to crypto’s “last mile” problem—the gap between digital assets and physical cash.

MoneyGram’s global footprint of roughly 500,000 retail locations is expected to play a key role in bridging that divide.

The partnership aims to improve real-world usability of crypto, particularly in regions where financial infrastructure remains underdeveloped.

“People still need access to cash at onboarding points,” Sethi noted, highlighting markets across Latin America and other underserved regions. Soohoo echoed this view, emphasizing that many customers continue to rely on cash in everyday transactions.

The IPO discussion comes after reports that Kraken paused its public listing plans despite confidentially filing with the U.S. Securities and Exchange Commission in late 2025.

According to Sethi, the company remains prepared but is waiting for favorable market conditions. “We’re ready,” he said, pointing to an industry-wide shift toward automation and stricter cost discipline.

The conversation also touched on the evolving role of crypto platforms. Moderator Ben Weiss observed that users increasingly treat exchanges like banks—a trend Sethi believes reflects a broader transformation.

“Many services traditionally offered by banks are now being delivered by crypto firms,” he said.

Both executives highlighted stablecoins as a major driver of efficiency. Soohoo noted their ability to reduce friction and costs, while Sethi took a more direct stance: “Intermediaries are the losers here—and they should be.”

While Kraken edges closer to a potential public debut, MoneyGram—taken private in 2023—is focused on long-term rebuilding rather than near-term market pressures. Soohoo stressed that the company’s priority is sustainable growth rather than rushing back to public markets.