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Stax announces first Australian IPO to accept cryptocurrency

Thursday 29 October 2020 14:49 CET | News

Australia-based Stax has announced that West Coast Aquaculture Group (WCA) will conduct the country’s first initial public offering that accepts virtual currency as payment.

The crypto-friendly capital-raising platform says that investors participating in WCA’s offering can purchase equity in the company using Tether (USDT) or Australian dollars. USDT was chosen over Bitcoin (BTC) and Ether (ETH) due to its price stability.

Stax is also considering support for additional stablecoins in the future. WCA operates a large marine farm in Malaysia, where it primarily produces fish. WCA is offering between 10 million and 14 million shares at AUD 0,50 each, representing between 8.78% and 11.87% of the total available. The minimum target is AUD 5 million.


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Keywords: Stax, IPO, Australia, virtual currency, cryptocurrency, Tether, stablecoin, blockchain
Categories: DeFi & Crypto & Web3
Companies:
Countries: Australia
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DeFi & Crypto & Web3