Kraken is '80% ready' for IPO — and just signed MoneyGram to crack crypto's last-mile cash problem.

Co-CEO Arjun Sethi told the Consensus Miami stage that Kraken has already filed confidentially with the SEC and is waiting for the right market window to go public. The 80% readiness framing signals the exchange is past the structural prep phase — the remaining work is timing, not fundamentals.

The MoneyGram partnership is the more immediate story: roughly 500,000 retail locations worldwide will become on- and off-ramp points for Kraken users, targeting markets in Latin America and other regions where banking infrastructure is thin. MoneyGram chairman Anthony Soohoo put it plainly — customers in many situations still need physical cash, and this deal is built around that reality.

Both executives pointed to stablecoins as the mechanism that makes the economics work. Sethi was direct: intermediaries absorbing margin across legacy remittance rails are the structural losers as crypto…