MIAMI BEACH, Fla. – Payward and Kraken co-CEO Arjun Sethi said cryptocurrency exchanges are “about 80% ready” to go public, underscoring the company’s IPO ambitions as it forges a new partnership with MoneyGram aimed at solving the “last mile” problem for cryptocurrencies.
Sethi, who spoke at the Consensus Conference in Miami alongside MoneyGram Chairman and CEO Anthony Soohoo, saw the deal as a way to bridge the gap between digital assets and physical cash, a key gap for global adoption. MoneyGram brings scale: approximately 500,000 retail locations worldwide.
CoinDesk reported in March that Kraken had paused its IPO plans after confidentially filing documents with the U.S. Securities and Exchange Commission (SEC) in November, and sources said it may reconsider the listing when market conditions improve.
“This is the first step in a joint effort to solve last-mile problems,” Soohoo said, noting that “in many cases, customers still want access to cash.”
This is especially true in areas with poor financial infrastructure. “People need cash at the point of onboarding,” Sethi said, referring to markets in Latin America and beyond. “Partnering with MoneyGram helps solve this problem.”
Moderator Ben Weiss pointed out that users are increasingly treating exchanges like banks. Sisi said the shift reflects a deeper shift. “A lot of things that banks used to do are now being done by cryptocurrency companies.”
Both executives pointed to stablecoins as the key to unlocking the future. Soohoo says they can “eliminate waste” and reduce costs across the system, while Sethi is more blunt: “The middlemen are the losers here, but they should be.”
Regarding Kraken’s IPO, Sethi said the company has submitted an application but is waiting for the right time. “We’re ready,” he said, citing broader industry restructuring driven by automation and tighter cost discipline.
MoneyGram is set to go private in 2023 and is in no rush. “We are focused on rebuilding the company,” Soohoo said, emphasizing long-term value over quarterly pressures.
The common goal: cheaper and faster financial services, especially for those outside the traditional system.
Read more: Kraken parent company Payward to acquire derivatives exchange Bitnomial for $550 million in cash and stock