Our client West Coast Aquaculture (WCA) listed on the Sydney Stock Exchange (SSX) this morning, made possible by a successful capital raise largely through cryptocurrency.
Of the amount raised, 89.07% or A$4,478,591 was USDT, otherwise known as Tether, a stable cryptocurrency pegged to the US dollar. The remainder of the funds were raised in AUD.
WCA is the first company in Australia to raise IPO funding via cryptocurrency, meeting tight Australian regulatory standards.
STAX CEO, Kenny Lee says:
“The successful WCA capital raise and IPO, paves the way for the future of capital markets in Australia. 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 now plans to use funds for expansion, which will include the purchase of hatchery and nursery facilities to allow further control of the supply chain.
A huge congratulations to the team at WCA on a successful listing. We look forward to watching you expand into new markets.
In collaboration with our partners, STAX will continue to provide WCA post-raise services.