An Australian company operating an aquaculture farm in Malaysia is leading the first initial public bid to accept cryptoactives in Australia.
Australia’s first crypto-compatible IPO will accept TetherNOTICS
The cryptoma-friendly capital raising platform of Australia, Stax, announced that its client West Coast Aquaculture Group (WCA) will be conducting the first initial public offer of the country which accepts virtual currency as payment.
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Investors who participate in the WCA offer will be able to buy shares of the company using Tether (USDT) or Australian dollars. USDT was chosen over Bitcoin (BTC) and Ether (ETH) because of its price stability.
Speaking to Cointelegraph, Stax CEO Bitcoin System Kenny Lee stressed that stablecoins offer the benefits of cryptomoeda without the volatility of other digital assets:
„The acceptance of USDT in an IPO is a transformational move in Australia and a significant advance towards the adoption of cryptomoeda in general. This paves the way for the future of capital markets. ”
Lee noted that Stax is considering supporting additional stablecoins in the future.
The WCA operates a large marine farm in Langkawi, Malaysia, where it mainly produces fresh grouper for wholesale and retail customers in Singapore, Hong Kong and Malaysia. The capital raised will be used for fund expansions, including the purchase of a new hatchery and nursery.
The WCA is offering between 10 million and 14 million shares at US$0.50 each, representing between 8.78% and 11.87% of the total available. The minimum target is $5 million.
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Following the flotation, the WCA plans to float its shares on the Sydney Stock Exchange, with the shares expected to start trading close to November 19
SSX CEO Michael Go applauded Stax for facilitating a capital increase to support USDT, saying:
„This is the first historic development in the Australian market that will dictate the future of capital raising, especially for growth companies“.