Stablecoin Financial App ARQ Completes $70 Million Funding Round, Sequoia Capital and Founders Fund Participate

Odaily News: ARQ, a Latin American financial application focused on stablecoin business, has completed a $70 million funding round with participation from Sequoia Capital and Founders Fund. The company stated that the funds from this round will be used for rebranding, hiring employees, and expanding into new business areas such as wealth management, high-yield local currency accounts, and credit services.

ARQ, formerly known as DolarApp, offers multi-currency accounts, digital wallets, foreign exchange services, and debit card services, supporting cross-border fund storage and transfers. It currently has over 2 million users in Latin America, with an annualized transaction volume exceeding $10 billion. (Bloomberg)