ARQ, a financial application focused on stablecoins, completes $70 million in funding with participation from Sequoia Capital and Founders Fund

PANews March 4th reported that Latin American financial app ARQ, focused on stablecoins, completed $70 million in funding, with participation from Sequoia Capital and Founders Fund. The funds will be used for rebranding, hiring new employees, and expanding services beyond dollar-denominated transfers, including wealth management, high-yield local currency accounts, and lending services.
ARQ, formerly known as DolarApp, offers multi-currency accounts, digital wallets, foreign exchange, and debit cards to help users store and transfer funds across borders. It has over 2 million customers in Latin America, with annual transaction volume exceeding $10 billion. ARQ stated that it has built infrastructure connecting traditional banking networks with stablecoin-based payment systems, enabling users to hold foreign currencies and conduct transactions.