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Australia’s First Crypto-friendly IPO to Accept Crypto Assets

By Tracy Hannes | October 30, 2020
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Australia’s crypto-friendly capital raising platform Stax reportedly disclosed that its customer – West Coast Aquaculture Group (WCA) – is in charge of carrying out the nation’s first IPO, accepting using virtual currency to pay. 

Specifically, Investors being a part of WCA’s offering process will reportedly be able to buy equity of the firm, with Tether (USDT) or Australian dollars function as the accepted means of payments. 

USDT was reportedly selected instead of popular coins like Bitcoin (BTC) or Ethereum (ETH) because of its price stability. 

“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.” Head of Stax – Kenny Lee – highlighted that stablecoins provide the perks of digital coins with the absence of volatility of different other assets. 

“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.”

Lee further disclosed that Stax is weighing the possibility of rolling out facilitating features for different stablecoins in the future. 

WCA reportedly runs a major marine farm in Langkawi, Malaysia, focusing on producing fresh Grouper fish for wholesale and retail clients, in Singapore, Hong Kong, and Malaysia.

The acquired capital will reportedly be directed to fund expansions, particularly buying new hatchery and nursery facilities.

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