Miami Beach, FL — Arjun Sethi, co-CEO of Payward and Kraken, said the crypto exchange is “about 80% ready” to go public, highlighting the company’s IPO ambitions as the company rolls out a new partnership with MoneyGram aimed at solving crypto’s “last mile” problem.
Speaking alongside MoneyGram Chairman and CEO Anthony Soohoo at Consensus Miami, Sethi presented the deal as a way to bridge the gap between digital assets and physical money, a critical gap in global adoption. MoneyGram brings scale: around 500,000 points of sale worldwide.
CoinDesk reported in March that Kraken had suspended its IPO plans after filing confidentially with the Securities and Exchange Commission (SEC) in November, with sources saying it might reconsider its listing when market conditions improve.
“This is the first step in working together to solve the last mile,” Soohoo said, noting that “in many situations, customers still want access to cash.”
This is especially true in regions where financial infrastructure lags. “People need cash at a boarding location,” Sethi said, pointing to markets in Latin America and elsewhere. “Partnering with MoneyGram solves this problem. »
Moderator Ben Weiss noted that users are increasingly treating exchanges like banks. Sethi said this change reflects a deeper transformation. “A lot of what banks used to do is now done by crypto companies.”
Both executives highlighted stablecoins as a key unlock. Soohoo said they could “eliminate waste” and reduce costs across the system, while Sethi was more blunt: “The middlemen are the losers here, but they should be.” »
Regarding Kraken’s IPO, Sethi said the company had filed but was waiting for the right time. “We are ready,” he said, citing a broader industry reset driven by automation and tighter cost discipline.
MoneyGram, which went private in 2023, is in no hurry. “We are focused on rebuilding the business,” Soohoo said, emphasizing long-term value rather than quarterly pressure.
The common goal: cheaper and faster financial access, especially for those excluded from the traditional system.
Learn more: Kraken parent Payward to acquire derivatives exchange Bitnomial for $550 million in cash and stock
