NovaBay Pharmaceutical (NBY) pivoting to crypto
NovaBay Pharmaceuticals has rebranded as Stablecoin Development Corporation to focus entirely on cryptocurrency, backed by a $134 million private placement.Summary
NovaBay Pharmaceuticals (NBY), a nanocap firm previously in healthcare, has completed a full pivot to crypto by renaming itself Stablecoin Development Corporation and changing its ticker to SDEV. This transition is supported by a $134 million private placement from investors including Framework Ventures and Tether Investments. The company is using these funds to acquire a significant stake in SKY, the governance token for the Sky decentralized finance protocol, which issues the stablecoin USDS. Stablecoin Development Corp now holds approximately 8.78% of the total SKY supply, valued near $147 million, and has begun staking its holdings for rewards. The remaining SKY tokens are subject to long-term lockups linked to company milestones and a potential IPO.
(Source：CoinDesk)