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Aquaculture Firm Completes Australia’s First IPO Raise Using Cryptocurrency

Sydney, Australia
(Dan Breckwoldt/Shutterstock)

Aquaculture Agency Completes Australia’s First IPO Raise Utilizing Cryptocurrency

Australia-primarily based totally mostly West Whisk Aquaculture (WCA) has carried out an A$5 million (US$3.65 million) preliminary public providing, changing into the first agency within the nation to expend cryptocurrency for its capital elevate.

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In an announcement provided to CoinDesk on Monday, fintech agency STAX talked about it had assisted WCA in raising appropriate over 89%, or appropriate over A$4.4 million (US$3.2 million), of the total elevate in the course of the stablecoin tether (USDT), a cryptocurrency with its worth linked to the U.S. dollar on a 1:1 basis. The final funds had been raised in Australian dollars.

“We are proud to be fragment of this historic second in Australian funding historic previous, talked about Neo Ching Hoe, CEO and founder of WCA. “We hope this intrepid initiative helps open the door to extra global funding for local corporations.”

WCA, a global fisheries company with an Asia Pacific presence, will put the funding against growing its operations and constructing out its provide chain, per the announcement.

STAX describes itself as Australia’s first capital-raising platform to settle for both cryptocurrency and Australian dollars.

“The a success WCA capital elevate and IPO, paves the methodology for the lengthy scramble of capital markets in Australia”, talked about STAX CEO Kenny Lee. “We are allowing accumulate entry to to a market which has been laborious for in a international country investors to accumulate into, and this would well furthermore handiest profit Australian companies longer term.”

WCA has now listed for getting and selling on the Sydney Stock Alternate below the SSX code 833.

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