TLDR
- Kraken co-CEO Arjun Sethi reveals the exchange has achieved “80% readiness” for going public following its SEC submission
- The platform has temporarily halted its IPO timeline, monitoring market dynamics for optimal listing conditions
- A fresh MoneyGram collaboration allows customers to exchange crypto for physical currency at 500,000 retail outlets across the globe
- Executives from both organizations emphasize stablecoins’ potential to lower expenses and eliminate friction in international payment systems
- MoneyGram, which returned to private ownership in 2023, emphasizes internal restructuring ahead of any future public market consideration
Kraken co-CEO Arjun Sethi has disclosed that the cryptocurrency exchange has finished approximately 80% of its public offering groundwork and has submitted a confidential filing to the U.S. Securities and Exchange Commission. The platform currently awaits favorable market circumstances before proceeding with its debut on public exchanges.
Sethi shared these insights during Consensus Miami while appearing with Anthony Soohoo, chairman and CEO of MoneyGram, where both firms revealed their strategic collaboration.
The partnership addresses what the executives described as the “last mile” challenge within cryptocurrency—the complexity of transforming digital currencies into tangible cash, particularly across regions where banking access remains limited.
MoneyGram maintains approximately 500,000 retail touchpoints worldwide, providing Kraken customers with cash conversion capabilities throughout Latin American markets and additional underbanked territories.
“In many situations, customers still want access to cash,” Soohoo said at the event.
Sethi identified Latin America as a priority region, explaining that individuals require physical currency availability throughout their onboarding experience. The MoneyGram infrastructure addresses this requirement.
Stablecoins at the Center
Both leaders emphasized stablecoins as a fundamental element enabling the partnership’s success. Soohoo stated that stablecoins can “remove waste” and decrease expenses throughout payment networks.
Sethi offered a blunt assessment, describing intermediaries within existing financial frameworks as “the losers” while crypto platforms assume responsibilities previously managed by banks.
The collaborating companies view stablecoins as particularly valuable across territories with emerging financial infrastructure, where conventional payment channels operate slowly and carry high costs.
CoinDesk reported in March 2026 that Kraken had suspended its IPO strategy following its confidential SEC submission in November 2025, with industry sources indicating the firm would reassess public listing opportunities under improved conditions.
Sethi validated the company’s filing status while emphasizing readiness to move forward when circumstances align. “We’re ready,” he stated, referencing expense management and automation as evidence of the platform’s preparedness.
MoneyGram’s Own Timeline
MoneyGram was taken private in 2023 and Soohoo said the company is not in a rush to return to public markets. “We’re focused on rebuilding the company,” he said.
The organization prioritizes sustainable value creation over immediate market pressures, according to Soohoo.
The alliance between both enterprises centers on more affordable and rapid financial accessibility, with particular attention toward individuals operating beyond conventional banking networks.
Kraken’s IPO documentation remains filed with the SEC while the company evaluates market dynamics for optimal timing to advance.
