PANews reported on March 4th that ARQ, a Latin American financial application focused on stablecoins, has completed a $70 million funding round, with Sequoia Capital and Founders Fund participating. This round of funding will be used for rebranding, hiring new employees, and expanding its services beyond dollar-denominated transfers to include wealth management, local currency high-yield accounts, and lending.

ARQ, formerly known as DolarApp, offers services such as multi-currency accounts, digital wallets, foreign exchange, and debit cards, helping users store and transfer funds across borders. It has over 2 million customers in Latin America and annualized transaction volume exceeding $10 billion. ARQ states that it has built the infrastructure connecting traditional banking networks and stablecoin-based payment systems, enabling users to hold foreign currency and conduct transactions.