West Coast Aquaculture (WCA) has completed a USD 3.65 million worth initial public offering (IPO). The move makes WCA the first firm in Australia to conduct an IPO using cryptocurrency. The fishery company will be using the funding amount for expanding its operation as well as building its supply chain. Moreover, West Coast Aquaculture has now been listed for trading on the Sydney Stock Exchange under the SSX code 833.
WCA IPO As Australia’s First Using Cryptocurrency
Fintech firm STAX assisted WCA in raising over 89%, or over US$ 3.2 million of the total raised via Tether (USDT). Tether (USDT) is a cryptocurrency linked to the U.S. dollar-based on 1:1. However, the remaining funds were raised using Australian dollars.
STAX describes itself as Australia’s first funding platform that accepts 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.”
The Aquaculture company operates a large marine farm in Langkawi, Malaysia. The firm is mainly involved in producing fresh grouper fish for wholesale and retail customers in Singapore, Hong Kong, and Malaysia.
Neo Ching Hoe, CEO and founder of WCA, said:
“We are proud to be part of this historic moment in Australian investment history. We hope this bold initiative helps open the door to more global investment for local companies.”
Investors Could Purchase Equities Using USDT
Besides, investors participating in the capital raise could purchase the equities using Tether (USDT) or the Australian dollars. The reason for choosing USDT over popular cryptocurrencies such as Bitcoin and Ether was mainly due to its price stability.
The funding amount will be used for the firm’s further expansion that includes purchasing new hatcheries, also enhancing the nursing facilities.