PANews, March 23: According to CoinDesk, Nasdaq-listed pharmaceutical company NovaBay Pharmaceuticals has renamed itself Stablecoin Development Corporation (ticker symbol changed from NBY to SDEV), shifting its business entirely from healthcare to cryptocurrency and stablecoin development. The company previously completed a private financing round of approximately $134 million, with investors including Framework Ventures and Tether Investments. The funds raised will be primarily used to increase its holdings of SKY, the governance token of the decentralized stablecoin protocol Sky. SDEV currently holds about 2.06 billion SKY tokens, representing approximately 8.78% of the total supply, with a market value of around $147 million. More than half of these tokens were acquired on the secondary market at an average price of approximately $0.065, with the remainder received as part of the financing consideration in cash and stablecoins. The company has begun staking SKY to earn rewards and has so far accumulated approximately 26.6 million SKY in staking rewards.
Stablecoin company SDEV invests over $100 million in SKY token
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Summary
News of a new token launch emerged as SDEV, formerly NovaBay Pharmaceuticals, shifted its focus to crypto and spent over $100 million to purchase SKY tokens from Sky. The company raised $134 million in private funding, led by Tether and Framework Ventures. SDEV now holds 2.06 billion SKY tokens, representing 8.78% of the total supply, valued at approximately $147 million. Half were acquired on secondary markets, with the remainder paid in cash and stablecoins. The company has begun staking SKY and has earned 26.6 million in rewards so far.
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