- WCA (West Coast Aquaculture), the client of STAX, becomes Australia’s first IPO (Initial Public Offering) to accept digital currency and has successfully completed A$5 million for its capital raise.
- Currently, they prefer USDT to Bitcoins and Ethereum due to its equal price of a dollar.
- This is considered to be one of the greatest historical developments in the market of Australia that leads to the future growth of capital raising.
STAX, an Australian capital raising platform, which allows its customers to pay in both digital currencies and AUD, has announced that their client WCA becomes first Australia’s IPO to accept a digital currency. As a part of capital raising, they have successfully completed a A$5 million IPO, which is equivalent to $3.65 million. It is said that the contribution made by USDT is A$4.4 million (equivalent to $3.2 million), and the remaining were raised through AUD.
They currently accept only USDT coins. They prefer USDT rather than Bitcoins and Ethereum because the stable nature of USDT gives an added advantage of not being volatile and also the speed at which it is traded.
The historical moment in the Australian market: WCA’s Capital rise
Neo Ching Hoe, CEO and founder of WCA said that this is one of the greatest historical moments in the market of Australia that leads to the future growth of capital raising. They hope that this further promotes the worldwide investments for the local firms around. With this capital raising, WCA plans to expand its services and operations and also in building out its supply chain.
Kenny Lee, CEO of STAX, said that this initiative of WCA’s capital rise and IPO opens the gateway for increasing the future scope of markets in Australia. They are literally giving access to those markets, which were really hard for global investors to invest in. They believe that it will be a fruitful benefit for Australian businesses in the long term.
SSX (Sydney Stock Exchange) has been a good supporter of innovation in the capital markets. They have congratulated STAX for their ability to make the company fund using digital currency, in particular USDT. WCA has now been listed on the Sydney Stock Exchange with the code 833. It is said that WCA is providing 1M shares as a minimum and 14M as a maximum, where the price of a share is $0.50. They accept both AUD and USDT.