While US-based NovaBay Pharmaceuticals has a market value of approximately $30 million, it changed its entire field of activity and stepped into the cryptocurrency industry. The company, which terminated its business in the healthcare field, renewed its name as Stablecoin Development Corporation and changed its ticker symbol to SDEV. Thus, NovaBay completely left the traditional healthcare industry and began operating in digital asset markets.
Companies and Investors Supported
An important financial operation took place in the background of this transformation. With the support of various companies, including Framework Ventures and stablecoin Tether investments, the company completed a private funding round of $ 134 million. The capital obtained is shown as one of the pillars of the new strategy.
The company uses the capital it has collected to support decentralized finance projects. In particular, it has invested heavily in SKY, the governance token of the Sky protocol. Sky protocol is known as a decentralized finance application that introduces the crypto-collateralized and dollar-indexed USDS stablecoin. Stablecoin Development Corporation currently holds approximately 8.78% of the total supply of SKY tokens in circulation. The value of the company’s SKY portfolio is estimated to be around 147 million dollars.
SKY Token Staking and Market Developments
Investments were not limited to just purchasing tokens. The company also started staking its SKY tokens on the protocol. As a result of this process, approximately 26.6 million SKY was awarded. It is stated that the amount of earnings varies depending on the various rules of the network and participation status.
The majority of SKY tokens were collected on the free market at an average price of $0.065. The remainder was transferred to the company through cash and stablecoin payments as part of the financing agreement.
According to the information on the Sky protocol website, the SKY staking rate is over 10%. This rate promises a relatively high return compared to similar crypto assets in the market. However, there was a 1.45% decrease in the SKY value in the last 24-hour period. In the same time period, a 4% increase was observed in the general cryptocurrency markets as measured by the CoinDesk 20 index.
The Sky protocol was historically based on MakerDAO and was developed with decentralized finance experiences gained there. The new road map and possible impacts of the project are shaped by the steps to be taken by the Stablecoin Development Corporation.
In its statements, Stablecoin Development Corporation stated that some of the SKY tokens were included in the portfolio within the scope of the financing agreement and the rest were purchased from the open markets.
The company has not made any additional statements at this time. Market players are closely following the consequences of such moves from traditional sectors towards crypto.
