Stablecoin Finance App ARQ Completes $70 Million Funding Round with Investment from Sequoia Capital and Founders Fund

BlockBeats News, March 4th. According to Bloomberg, ARQ, a Latin American financial app focused on stablecoins, has completed a $70 million financing round with participation from Sequoia Capital and Founders Fund. This funding round will be used for rebranding, hiring new employees, and expanding services beyond dollar-denominated transfers into areas such as wealth management, local currency high-yield accounts, and lending.

Previously known as DolarApp, ARQ offers multi-currency accounts, digital wallets, foreign exchange, debit cards, and other services to help users store and transfer funds across borders. With over 2 million customers in Latin America, it has surpassed $10 billion in annualized transaction volume. ARQ stated that it has built infrastructure connecting traditional banking networks with stablecoin-based payment systems, enabling users to hold foreign currencies and transact.