A fish farm just raised $4.4m for its IPO in crypto – an Australian first
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West Coast Aquaculture Group has become the first company in Australia to raise capital in cryptocurrency after its IPO on fintech platform STAX raised $5m including $4.4m in Tether, a currency linked to the US dollar.
The international fisheries company with a strong presence in the Asia-Pacific market was ready to start trading this week on the Sydney Stock Exchange (SSX) under the code 833.
The company had to meet tight Australian regulatory standards for its IPO capital raising using cryptocurrency.
STAX chief executive, Kenny Lee, said the acceptance of cryptocurrency in a company IPO is a significant step forward.
“The successful WCA capital raise and IPO paves the way for the future of capital markets in Australia,” said Lee.
The move will increase access for overseas investors into the Australian market, and benefit Australian businesses longer term.
STAX is the first capital raising platform in Australia to accept both Australian dollars and cryptocurrencies.
Sydney Stock Exchange has partnered with STAX to provide a quicker route to the stock market for companies.
West Coast Aquaculture intends to use its $5m IPO proceeds to expand the business and purchase new equipment.
“WCA has always been an innovative organisation and we are proud to be part of this historic moment in Australian investment history,” chief executive and founder, Neo Ching Hoe, said.
The Melbourne-headquartered company produces Grouper fish at its farms in Malaysia for shipment to customers in Asia.