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Australia-based West Coast Aquaculture (WCA) has completed an initial public offering of AU $ 5 million ($ 3.65 million), becoming the first company in the nation to use cryptocurrency for its capital raising.
In an announcement given to CoinDesk on Monday, fintech firm STAX said it assisted WCA in raising just over 89%, or just over AU $ 4.4 million ($ 3.2 million), of the total raise. via stablecoin tether (USDT), a cryptocurrency with its price tied to the US dollar on a 1: 1 basis. The remaining funds were raised in Australian dollars.
“We are proud to be part of this historic moment in Australian investment history,” said Neo Ching Hoe, CEO and founder of WCA. “We hope this bold initiative will help open the door to greater global investment for local businesses.”
According to the announcement, WCA, an international fishing company with a presence in the Asia-Pacific region, will allocate the funds to expand its operations and build its supply chain.
STAX describes itself as the first Australian capital raising platform to accept both cryptocurrency and Australian dollars.
“The success of the WCA capital raising and IPO paves the way for the future of capital markets in Australia,” said STAX CEO Kenny Lee. “We are allowing access to a market that has been difficult for foreign investors to enter and will only benefit Australian businesses in the long term.”
WCA is now listed for trading on the Sydney Stock Exchange under the code SSX 833.
