Australia’s first crypto-friendly IPO will settle for Tether
Australia’s crypto-friendly capital raising platform Stax has announced its client West Coast Aquaculture Group (WCA) will be conducting the country’s first initial public offering that accepts virtual currency as payment.
Investors participating in WCA’s offering can purchase equity in the company using Tether (USDT) or Australian dollars. USDT was chosen over Bitcoin (BTC) and Ethereum (ETH) due to its price stability.
Speaking to Cointelegraph, 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 Stax is considering support for additional stablecoins in future.
WCA operates a large marine farm in Langkawi, Malaysia, where it primarily produces fresh Grouper fish for wholesale and retail customers in Singapore, Hong Kong, and Malaysia. The capital raised will be used fund expansions including the purchase 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.”