Latin American stablecoin financial application ARQ completes $70 million financing, led by Sequoia Capital and Founders Fund.

Techub News, according to Bloomberg, ARQ, a Latin American financial application focused on stablecoins, has completed a $70 million funding round led by Sequoia Capital and Founders Fund. The funds will be used for rebranding, team expansion, and extending services from US dollar-denominated transfers to 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 to help users store and transfer funds across borders. It currently has over 2 million customers in Latin America, with annualized transaction volume exceeding $10 billion. The company stated it has built infrastructure connecting traditional banking networks with stablecoin payment systems, allowing users to hold and trade foreign currencies.