STAX sets up Australia’s first IPO to accept cryptocurrency

As Australia’s first capital raising platform to accept both AUD and cryptocurrency, we are thrilled to announce that our client, West Coast Aquaculture Group Ltd (WCA) is currently accepting USDT (also known as Tether) as part of its capital raise prior to floating on the Sydney Stock Exchange (SSX).

Head-officed in Melbourne, WCA operates one of the largest marine farming operations in Langkawi, Malaysia. Its primary products are live and fresh Grouper species, which are sold to wholesale and retail customers in Malaysia, Hong Kong and Singapore.

USDT was chosen over Bitcoin and Ethereum due to the stability of pricing and the velocity at which it is traded. It is expected that trading of WCA shares on the SSX will commence around 19 November, 2020.

STAX CEO, Kenny Lee says:

“The acceptance of USDT in an IPO is a transformative move in Australia and a significant step forward for cryptocurrency adoption in general. It paves the way for the future of capital markets down under. We are democratising access to a market which has been hard for overseas investors to get into, which will only benefit Australian businesses longer term.”

Michael Go, CEO of the SSX, adds:

“As a supporter of innovation in the Capital Markets, the Sydney Stock Exchange applauds STAX for its ability to facilitate the funding of companies with USDT. This is a first, and historic development in the Australian market which will dictate the future of capital raising, particularly for growth companies.”

WCA has been admitted to the SSX’s official list and is pending quotation, conditional upon a successful offer. As detailed in its Prospectus, WCA is offering a minimum of 10,000,000 and a maximum of 14,000,000 shares at $0.50 per share with the acceptance of both AUD and USDT.

WCA selected the SSX as its exchange venue due to the support the SSX offers to smaller cap companies, including more reasonable and achievable listing requirements.

Following its IPO, WCA plans to use funds for expansion. This will include the purchase of hatchery and nursery facilities to allow further control of the supply chain.

Neo Ching Hoe, CEO and Founder of WCA, says:

“WCA has always been an innovative organisation and we are proud to be part of this historic moment in Australian investment history. We hope this bold initiative helps open the door to more global investment for local companies.”

WCA’s IPO has been managed by Agile Legal and STAX to ensure all legal and regulatory compliance has been met in accordance with Australian law. WCA’s Prospectus can be accessed here.

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