Miami Beach, FL — Arjun Sethi, co-CEO of Payward and Kraken, has indicated that the crypto exchange is approximately 80% prepared for an initial public offering (IPO), highlighting its aspirations as it collaborates with MoneyGram. This partnership focuses on addressing the ‘last mile’ challenge in cryptocurrency adoption by linking digital assets to physical cash.
At Consensus Miami, where Sethi and Anthony Soohoo, chairman and CEO of MoneyGram, were present, Sethi described the collaboration as a solution for connecting digital currencies to tangible money—a crucial step in global acceptance. MoneyGram’s extensive network includes about 500,000 retail locations worldwide.
According to CoinDesk, Kraken paused its IPO plans after confidentially filing with the SEC in November, with indications that it might reconsider when market conditions are more favorable.
“This is our initial move towards solving the last mile,” Soohoo mentioned, emphasizing customers’ ongoing need for cash access. This need is particularly pronounced in areas where financial systems are underdeveloped. “Cash accessibility at onboarding sites is essential,” Sethi noted, highlighting markets like Latin America.
Moderator Ben Weiss remarked that users increasingly view exchanges as banks. Sethi agreed, pointing to a broader shift: “Crypto firms now undertake roles traditionally held by banks.”
Both executives underscored stablecoins’ importance. Soohoo mentioned they help reduce waste and cut costs, while Sethi stated more directly: “Intermediaries lose out, but that’s the expectation.”
Regarding Kraken’s IPO plans, Sethi confirmed their readiness, attributing it to industry advancements like automation and cost efficiency.
MoneyGram, which went private in 2023, isn’t rushing; Soohoo highlighted a focus on long-term rebuilding over short-term pressures.
The joint aim is providing cheaper, faster financial access, particularly for those excluded from traditional systems.