Australia’s first crypto-friendly IPO will accept virtual currency. Stax, Australia’s crypto-friendly capital raising platform has announced that its West Coast Aquaculture Group (WCA) client will make the country’s first initial public offering that accepts virtual currency as payment.
Investors participating in the offering by WCA can use Tether (USDT) or Australian dollars to buy equity in the business. Owing to its price stability, USDT was preferred over Bitcoin ( BTC) and Ethereum ( ETH).
Stax CEO Kenny Lee emphasized that stablecoins offer the benefits of cryptocurrency without the volatility of other digital assets “The acceptance of USDT in an IPO is a transformative move in Australia and a significant step forward for cryptocurrency adoption in general. It paves the way for the future of capital markets down under.”
Lee noted that Stax is exploring potential support for additional stablecoins. WCA operates a large marine farm in Langkawi, Malaysis in which fresh grouper fish is primarily produced for wholesale and retail customers in Singapore, Hong Kong and Malaysia. The money raised would be used to expand the fund, including the acquisition of new hatchery and nursery facilities.
WCA is offering between 10 million and 14 million shares at $0.50 each, representing between 8.78% and 11.87% of the total available. The minimum target is $5 million. After the raise, WCA’s plans for its shares to float on the Sydney Stock Exchange (SSX), with the shares expected to commence trading near Nov. 19
SSX chief executive Michael Go applauded Stax for facilitating a capital raise supporting USDT, stating “This is a first, and historic development in the Australian market which will dictate the future of capital raising, particularly for growth companies.”