Sei Foundation Explores Buying 23andMe to Put Genetic Data on Blockchain
The Sei Foundation, a nonprofit development organization backing the layer-1 blockchain Sei (SEI), is considering acquiring the bankrupt personal genomics company 23andMe and transferring the genetic data of 15 million users onto blockchain technology.
The foundation unveiled this ambitious plan in a recent post on X, calling it their “most daring DeSci move yet” as part of the decentralized science movement. Additionally, the foundation launched a $65 million venture capital fund earlier this year to support DeSci startups operating on the Sei network.
Stressing the importance of genomic data security as a national security concern, especially with 23andMe facing financial troubles, the foundation aims to safeguard users’ information by incorporating it into their blockchain network. This approach will provide users with control over their genetic data, ensuring privacy through encrypted transactions and allowing users to dictate how their data is used for monetary gain.
The foundation emphasized that the goal is not just to rescue a company but to create a future where individuals retain ownership and control over their most personal information.
Following 23andMe’s Chapter 11 bankruptcy filing, several state attorneys general have advised users to remove their data from the platform. Meanwhile, the value of SEI, the network’s native token, experienced a 3% increase in response to the acquisition news.
Overall, the Sei Foundation’s potential acquisition of 23andMe signifies a significant step towards data privacy and control in the decentralized science sector.
