Sei Foundation’s Blockchain Play: 23andMe Acquisition for Genetic Data
In a surprising turn of events, the team behind Sei, a layer-1 blockchain, has announced they’re considering a rather unique acquisition: the genetic testing giant 23andMe. This comes after 23andMe recently filed for bankruptcy.
On March 27th, Sei network took to X (formerly Twitter) to share that their foundation is actually thinking about purchasing 23andMe. Their stated goal? To step in and “defend the genetic privacy of 15 million Americans” by leveraging blockchain technology to safeguard the company’s sensitive data.
The Sei foundation explained that if they successfully acquire the biotech firm, their plan is to migrate all that crucial genetic information onto the blockchain. Imagine this: they aim to “return data ownership to users through encrypted, confidential transfers.” – putting individuals back in control of their own genetic blueprints.
March 27 X announcing a potential acquisition of 23andMe. Source: Sei Network
“We see user data sovereignty as a really critical matter of national security,” the Sei network’s announcement emphasized. “When a pioneering American biotech company like 23andMe faces bankruptcy, the deeply personal genomic data of millions suddenly becomes vulnerable. It could fall into the hands of parties who might not prioritize transparency and open access the way we do.”
This announcement from Sei landed just four days after 23andMe officially announced they had filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Missouri. At the time of their filing, 23andMe assured users that “no changes” would be made to how they handle and protect customer data, which reportedly includes the genetic information of around 15 million people worldwide.
Related: Stop giving your DNA data away for free to 23andMe, says Genomes.io CEO
For many, the 23andMe bankruptcy has really brought data privacy concerns back to the forefront. In an era where companies hold vast troves of genetic information for millions, questions about security and control are more urgent than ever.
Following the bankruptcy news, New York State Attorney General Letitia James and California Attorney General Rob Bonta acted swiftly. They urged 23andMe customers to proactively contact the company and request the deletion of their personal data, emphasizing their right to privacy and to demand the destruction of DNA samples. Both Attorney Generals pointed out that state laws empower 23andMe users with control over their own data.
Interestingly, the announcement from Sei about potentially acquiring 23andMe had a small, immediate impact on the crypto market. The price of Sei’s native token (SEI) saw a brief jump from $0.209 to $0.215 after their X post – a modest 3% increase.
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