November 26, 2020

West Coast Aquaculture first company in Australia to use cryptocurrency to raise capital

West Coast Aquaculture (WCA) became the first firm in Australia to use cryptocurrency to raise its capital after completing an A$5 million (US$3.65 million) initial public offering (IPO).

Fintech firm STAX said on November 23 that it had assisted WCA in raising over 89%, or over A$4.4 million (US$3.2 million) of the total raise via the stablecoin tether (USDT), a cryptocurrency with its price linked to the US dollar on a 1:1 basis. The remaining funds were raised in Australian dollars.

"We are proud to be part of this historic moment in Australian investment history," said Neo Ching Hoe, CEO, and founder of WCA. "We hope this bold initiative help open the door to more global investment for local companies."

WCA is an international fisheries company with an Asia Pacific presence. According to the announcement made, WCA will put the funding towards expanding its operations and building out its supply chain.

STAX describes itself as Australia's first capital-raising platform to accept both cryptocurrency and Australian dollars.

"The successful WCA capital raise an IPO, paves the way for the future of capital markets in Australia," said STAX CEO Kenny Lee. "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."

WCA is now listed on the Sydney Stock Exchange for trading under the SSX code 833.

 - Nasdaq