Stablecoin financial platform ARQ completes $70 million financing, with participation from Sequoia Capital and Founders Fund

According to Bloomberg, the Latin American financial app ARQ, focused on stablecoins, has completed a $70 million financing round, with participation from Sequoia Capital and Founders Fund.

This round of financing will be used for rebranding, hiring new employees, and expanding services beyond dollar-denominated transfers, including wealth management, local currency high-yield accounts, and credit services. 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 an annual transaction volume exceeding $10 billion. ARQ stated that it has built infrastructure connecting traditional banking networks and stablecoin-based payment systems, enabling users to hold foreign currency and conduct transactions.