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Australian capital raising platform Stax has announced that its client West Coast Aquaculture Group (WCA) will conduct the country’s first initial public offering that accepts virtual currency as payment.
Investors participating in WCA’s offering can purchase shares in the company using Tether (USDT) or Australian dollars. USDT was chosen over Bitcoin (BTC) and Ethereum (ETH) for its price stability.
Speaking to Cointelegraph, Stax CEO Kenny Lee pointed out that stablecoins offer the benefits of cryptocurrency without the volatility of other digital assets:
“Accepting USDT in an IPO is a transformational move in Australia and a significant step forward for cryptocurrency adoption in general. Paves the way for the future of bearish capital markets. “
Lee noted that Stax is considering support for more stablecoins in the future.
WCA operates a large marine farm in Langkawi, Malaysia, where it mainly produces fresh grouper fish for wholesale and retail customers in Singapore, Hong Kong and Malaysia. The capital raised will be used to expand the fund including the purchase of new nurseries and nurseries.
WCA offers between 10 million and 14 million shares at $ 0.50 each, which is between 8.78% and 11.87% of the total available. The minimum target is $ 5 million.
Following the increase, WCA plans for its shares to float on the Sydney Stock Exchange (SSX), with the shares expected to begin trading around November 19th.
SSX CEO Michael Go applauded Stax for facilitating a capital increase in support of USDT, stating:
“This is a first and historic development in the Australian market that will determine the future of capital raising, particularly for growing companies.”
