Australia-based West Coast Aquaculture (WCA) is set to become the first firm in the nation that accepts cryptocurrency as part of a capital raise. This news came from the latest accomplishment of a A$5 million (US$3.65 million) initial public offering. The fintech firm STAX just announced on Monday, saying it had supported WCA to raise just over 89% of the total raise via Stablecoin Tether (USDT). The remaining 11% was generated in Australian dollars.
Speaking of the event, CEO and founder of WCA, Neo Ching Hoe, stated,
“We are proud to be part of this historic moment in Australian investment history,'' and also expected “this bold initiative helps open the door to more global investment for local companies.”
Aussie aquaculture firm WCA intends to use the funds for operation expansion and supply chain development, according to the announcement. STAX defines itself as Australia’s first capital-raising platform to embrace both cryptocurrency and Australian dollars.
STAX CEO Kenny Lee said,
“The successful WCA capital raise and IPO, paves the way for the future of capital markets in Australia...We are allowing access to a market which has been hard for overseas investors to get into, and it will only benefit Australian businesses longer term.”