ARQ, focused on stablecoin financial applications, completes $70 million financing with participation from Sequoia Capital and Founders Fund

PANews, March 4th – According to Bloomberg, Latin American financial app ARQ, which focuses on stablecoins, has completed a $70 million financing round with participation from Sequoia Capital and Founders Fund. This round of funding will be used for rebranding, hiring new employees, and expanding services beyond USD-denominated transfers, including wealth management, high-yield local currency accounts, and credit business.

ARQ, formerly known as DolarApp, offers multi-currency accounts, digital wallets, foreign exchange, and debit card services, helping users store and transfer funds across borders. It has over 2 million customers in Latin America, with annualized transaction volume exceeding $10 billions. ARQ stated that it has built infrastructure connecting traditional banking networks and stablecoin-based payment systems, enabling users to hold foreign currencies and conduct transactions.