West Coast Aquaculture Group has turn out to be the primary firm in Australia to lift capital in cryptocurrency after its IPO on fintech platform STAX raised $5m together with $4.4m in Tether, a forex linked to the US greenback.
The worldwide fisheries firm with a robust presence within the Asia-Pacific market was able to start trading this week on the Sydney Inventory Change (SSX) underneath the code 883.
The corporate needed to meet tight Australian regulatory requirements for its IPO capital elevating utilizing cryptocurrency.
STAX chief government, Kenny Lee, mentioned the acceptance of cryptocurrency in an organization IPO is a big step ahead.
“The profitable WCA capital increase and IPO paves the way in which for the way forward for capital markets in Australia,” mentioned Lee.
The transfer will improve entry for abroad buyers into the Australian market, and profit Australian companies long run.
STAX is the primary capital elevating platform in Australia to simply accept each Australian {dollars} and cryptocurrencies.
Sydney Inventory Change has partnered with STAX to supply a faster path to the inventory marketplace for corporations.
West Coast Aquaculture intends to make use of its $5m IPO proceeds to expand the business and buy new tools.
“WCA has all the time been an revolutionary organisation and we’re proud to be a part of this historic second in Australian funding historical past,” chief government and founder, Neo Ching Hoe, mentioned.
The Melbourne-headquartered firm produces Grouper fish at its farms in Malaysia for cargo to prospects in Asia.
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