Miami Beach, FL – Arjun Sethi, co-CEO of Payward and Kraken, said the crypto exchange is “about 80% ready” to go public, underscoring the company’s IPO ambitions as the company launches a new partnership with MoneyGram aimed at solving the “last mile” problem of cryptocurrencies.
Speaking alongside Anthony Soohoo, president and CEO of MoneyGram, at Consensus Miami, Sethi framed the deal as a way to close the gap between digital assets and physical cash, a critical gap in global adoption. MoneyGram brings scale: approximately 500,000 retail locations worldwide.
CoinDesk reported in March that Kraken had paused its IPO plans after filing a confidential filing with the Securities and Exchange Commission (SEC) in November, and sources said it could revisit a 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 is lagging. “People need cash at a place of incorporation,” Sethi said, pointing to markets in Latin America and beyond. “Partnering with MoneyGram helps solve that problem.”
Moderator Ben Weiss noted that users are increasingly treating exchanges like banks. Sethi said the change reflects a deeper transformation. “A lot of what banks used to do is now done by crypto companies.”
Both executives pointed to stablecoins as a key unlock. Soohoo said they can “eliminate waste” and reduce costs throughout the system, while Sethi was more direct: “Middlemen are the losers here, but they should be.”
On Kraken’s IPO, Sethi said the company has already filed but is waiting for the right time. “We are ready,” he said, citing a broader industry reset driven by automation and tighter cost discipline.
MoneyGram, which will go private in 2023, is in no hurry. “We are focused on rebuilding the company,” Soohoo said, emphasizing long-term value over quarterly pressure.
The shared goal: cheaper and faster financial access, especially for those left out of the traditional system.
Read more: Kraken Parent Company Payward to Acquire Derivatives Exchange Bitnomial for $550 Million in Cash and Stock
