West Coast Aquaculture Group (WCA) is all set to conduct the first initial public offering (IPO) of the company. This has been announced by Stax, which is a crypto-friendly capital-raising platform based in Australia. In this IPO, WCA will be accepting cryptocurrency Tether (USDT) and the Australian Dollar as payments. Moreover, it is revealed that all the investors who will participate in this offering will be able to purchase equity using Tether and the Australian Dollar. Besides, the reason why USDT is chosen over the two largest cryptocurrencies, Bitcoin and Ethereum is Tether’s price stability. Using Tether in IPO by WCA Is Increasing Crypto Adoption Kenny Lee, CEO of Stax, has highlighted the benefits of stablecoins over other digital assets. According to him, stablecoins come with all the features of cryptocurrency without high volatility. Also, the use of Tether as a payment method in IPO by WCA marks a transformative move. This will ultimately lead to major crypto adoption in the country. He also stated that Stax might look for the support of other stablecoins as well. WCA is having a marine farm in Langkawi, Malaysia. In this farm, it produces fresh Grouper fish for both wholesale and sale to retail customers based in Malaysia, Hong Kong, and Singapore. It is revealed that the firm will be using all the funds to purchase hatchery and nursing facilities. Plans to Float Shares on Sydney Stock Exchange The minimum target of WCA is $5 million and when the raise will be completed, the firm is planning to float its shares on the Sydney Stock Exchange. Michael Go, CEO at SSX, has praised WCA’s decision of supporting Tether for this capital raise. According to him, this is a historic development in the Australian market and a step towards transforming the future of capital raising.
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