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.
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