Cryptocurrency exchange Kraken launched a service in Ukraine that allows users to convert digital assets into cash through MoneyGram locations.
Crypto exchange Kraken announced an expansion of its partnership with money transfer provider MoneyGram. Through the partnership, Kraken users in Ukraine can convert cryptocurrency into cash and collect the funds through the MoneyGram network.
To use the service, customers need to:
- transfer cryptocurrency to their Kraken account;
- select cash withdrawal via MoneyGram;
- collect the funds at an available MoneyGram location.
According to the companies, funds typically become available for pickup less than 10 minutes after the transaction is confirmed.
To receive cash through MoneyGram, users must first convert their cryptocurrency into U.S. dollars. MoneyGram withdrawals are made from the user’s Kraken USD balance. The funds are then converted into local currency at MoneyGram’s applicable exchange rate.
The new service launched with transaction limits. A single sender can withdraw up to $1,200 per month. Users can make up to 3 transactions per day and 20 transactions per month.
Under the partnership, Kraken handles user registration and identity verification. MoneyGram processes money transfers through its licensed and regulated payment infrastructure, including the required compliance procedures. The partners plan to add transfers to local bank accounts and cross-border transfers, as well as integrate these capabilities into the Krak payments app.
MoneyGram previously launched its Ramps service within the Solana ecosystem, allowing crypto app developers to build fiat payment gateways through a single API without their own banking infrastructure.
