Australia's first crypto-friendly IPO will accept Tether

An Aussie company operating an aquaculture farm in Malaysia is conducting the first initial public offering to accept crypto assets in Australia.

Australia's crypto-friendly capital raising platform Stax has announced its client West Coast Aquaculture Group will be conducting the country's first initial public offering that accepts virtual currency as payment.

Investors participating in WCA's offering can purchase equity in the company using Tether or Australian dollars.

"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."

Lee noted Stax is considering support for additional stablecoins in future.

WCA operates a large marine farm in Langkawi, Malaysia, where it primarily produces fresh Grouper fish for wholesale and retail customers in Singapore, Hong Kong, and Malaysia.

The capital raised will be used fund expansions including the purchase of new hatchery and nursery facilities.

WCA is offering between 10 million and 14 million shares at $0.50 each, representing between 8.78% and 11.87% of the total available.

WCA's plans for its shares to float on the Sydney Stock Exchange, with the shares expected to commence trading near Nov. 19.

"This is a first, and historic development in the Australian market which will dictate the future of capital raising, particularly for growth companies."