Dark Light

Cryptocurrencies are being globally adopted as a potential tool of investment and funds for significant businesses.

It has showcased the increasing penetration of cryptocurrencies in the mainstream industries in Australia and Asia Pacific.

West Coast Aquaculture raised more than 5 Million Australian dollars, equivalent to 3.65 Million USD for its IPO substantial part of which was in Tether stablecoin. 

WCA raised capital funds in Tether

CoinDesk reported that the company becomes the first Australian firm to raise capital in cryptocurrency, creating a remarkable benchmark in investment history. The capital raise was conducted by the fintech firm STAX that helped Aquaculture to raise almost 89 percent of its total capital raised, i.e.  4.4 million in Tether token. The remaining amount was increased in the fiat currency AUD.

Aquaculture firm WCA is a global fisheries firm with significant operations in the Asia Pacific region. The thriving capital raise is viewed as a monumental step in investment as the Australian regulatory standards are quite stringent towards cryptocurrencies. STAX enabled Aquaculture to complete the capital raise, giving a new boost to the country’s capital markets.

Australia based STAX is a capital fundraising platform that focuses on both cryptocurrencies and Australian USD.

Benchmark in Australian Investment

Kenny Lee, the CEO of STAX, expressed that the cryptocurrency being used in an IPO is excellent and would work as a turning point for the Australian investment.  “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.”

STAX and Agile Legal are ensued with the management of the WCA IPO to comply with the regulatory standards stipulated by the Australian government.

Aquaculture would use the raised funds for expanding its operations and offerings to the Australian fisheries industry and control its supply chain by procuring more nurseries and hatcheries. The investment has created a pathway for the various international firms to invest in the local Australian companies and boosting the use of cryptocurrencies in the mainstream firms. 

Disclaimer

The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.


Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Total
1
Share