Australia-based West Coast Aquaculture (WCA) has accomplished an A$5 million (US$3.65 million) preliminary public providing, changing into the primary agency within the nation to make use of cryptocurrency for its capital elevate.
In an announcement offered to CoinDesk on Monday, fintech agency STAX stated it had assisted WCA in elevating simply over 89%, or simply over A$4.4 million (US$3.2 million), of the full elevate by way of the stablecoin tether (USDT), a cryptocurrency with its worth linked to the U.S. greenback on a 1:1 foundation. The remaining funds have been raised in Australian {dollars}.
“We’re proud to be a part of this historic second in Australian funding historical past, stated Neo Ching Hoe, CEO and founding father of WCA. “We hope this daring initiative helps open the door to extra international funding for native firms.”
WCA, a world fisheries firm with an Asia Pacific presence, will put the funding in direction of increasing its operations and constructing out its provide chain, per the announcement.
STAX describes itself as Australia’s first capital-raising platform to just accept each cryptocurrency and Australian {dollars}.
“The profitable WCA capital elevate and IPO, paves the way in which for the way forward for capital markets in Australia”, stated STAX CEO Kenny Lee. “We’re permitting entry to a market which has been laborious for abroad traders to get into, and it’ll solely profit Australian companies long run.”
WCA has now listed for buying and selling on the Sydney Inventory Change beneath the SSX code 833.
