Crypto transfers are typically instant and seamless—unless, that is, users want to convert their digital currency into cash. In those cases, users in many countries are obliged to navigate a slow, complex conversion system. Customers of the crypto exchange Kraken have long complained about this problem, which is why the firm has partnered with the payments network MoneyGram to let users exchange crypto for fiat, the two companies announced on Tuesday.
Many of Kraken’s most profitable customers are deep-pocketed traders and investors in the U.S. and Europe, but the crypto exchange has a growing portion of users in countries with more volatile currencies. Some of these customers use Kraken just like a bank, Arjun Sethi, the exchange’s co-CEO, told Fortune.
