Australia’s cryptocurrency-supporting fundraising platform Stax announced that its client West Coast Aquaculture Group (WCA) will conduct Australia’s first initial public offering of accepting virtual currency as a payment method.
Investors participating in the WCA share offering can use Tether (USDT) or Australian dollars to buy shares in the company. Due to the stable price, USDT has priority over Bitcoin (BTC) and Ethereum (ETH) as the Stax platform of choice.
Stax CEO Kenny Lee emphasized in an interview with Cointelegraph that stablecoins can bring the benefits of cryptocurrencies, but they will not bring the volatility of other digital assets:
“The acceptance of USDT as a payment method in Australia’s IPO is a transformative move, and overall it is an important step towards the adoption of cryptocurrency. This paves the way for Australia’s capital market.”
Kenny Lee pointed out that Stax is considering supporting other stablecoins in the future.
WCA has a large marine farm in Langkawi, Malaysia, which mainly produces fresh grouper for wholesale and retail clients in Singapore, Hong Kong and Malaysia.
The funds raised will be used for expansion, including the purchase of new hatcheries and breeding facilities.
WCA issued 10 to 14 million shares at a price of US$0.50 per share, accounting for 8.78% to 11.87% of the total issuance, respectively. The minimum goal is to raise $5 million.
After raising funds, WCA plans to list its shares on the Sydney Stock Exchange (SSX), and these shares are expected to begin trading around November 19.
SSX CEO Michael Go praised Stax for promoting financing to support USDT payments, noting:
“This is the first historic development in the Australian capital market, and it will determine the future of financing, especially for growth companies.”
