Australia: Online Capital Raising Platform Stax Claims First Offering to Accept Crypto, Plans Float on Sydney Stock Exchange

Stax, an online capital formation platform, is claiming to be the first marketplace in Australia to receive investments paid in crypto in advance of an initial public offering (IPO).

Stax seeks to crowdfund offerings with both AUD and crypto. West Coast Aquaculture Group Ltd (WCA) is currently accepting USDT (Tether) as part of its capital raise prior to floating on the Sydney Stock Exchange (SSX).

WCA is said to operate 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.

In a note from Stax, the company said that Tether was selected over popular digital currencies like Bitcoin and Ethereum. Tether is tied to the US dollar.

Stax said it is expected that trading of WCA shares on the SSX will commence around November 19, 2020.

“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,” commented Kenny Lee, CEO of STAX. “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, said that as a supporter of innovation, the Sydney Stock Exchange applauds STAX for its ability to facilitate the funding of companies with USDT. Go called the offering historic adding that it 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.

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.

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.


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