Key Takeaways
- The Sei Foundation of the layer 1 blockchain Sei plans to acquire the bankrupt 23andMe, a genomics company.
- The latest announcement on the official Sei’s X post suggests that the company is planning to integrate 23andMe’s data onto Sei’s blockchain and give users ownership of their genetic data.
- According to the Sei Foundation, generic data is a national security concern, and as 23andMe faces bankruptcy, their take is to secure the crucial data of its users.
- The native token of the foundation, SEI, climbed almost 3% following the acquisition news.
The crypto world is behind the latest announcement of Sei Foundation, suggesting the acquisition of the bankrupt 23andMe company. The nonprofit development organization behind the layer 1 blockchain Sei, the Sei Foundation, is the topic of discussion in the crypto world. According to available information, the latest initiative is to safeguard the genetic data of the 23andMe users, as Sei considers it a national security concern, especially at a time when the company faces financial concerns.
“The Boldest DeSci Bet Yet” By The Sei Foundation
The latest announcement went live on the official X post of the Sei Foundation. The officials addressed this decision as the “boldest DeSci bet yet.” The X post noted that the foundation is exploring the acquisition of 23andMe in order to defend the genetic privacy of 15 million Americans. The post also added that the foundation considers data sovereignty as a matter of national security. So, when an American biotech pioneer like 23andMe faces bankruptcy, the personal genomic data of millions would be vulnerable. Furthermore, values like open access and transparency would be compromised, says the Sei Foundation’s X post.
The post also details the vision for acquiring the company. According to this, 23andMe’s data will be deployed to the blockchain of Sei. The encrypted data ownership will be returned to the users, allowing these users to decide their data monetization and share it for their revenue. The Sei Foundation also adds that the current decision is not only to save a company but also to build a future where the personal data of users remains under their control. The foundation concluded the post by noting that further procedures and details would be updated soon.
This is not the first time the Sei Foundation has been working for the DeSci startups. Earlier this year, the company introduced a venture capital fund for the DeSci startups. According to reports, the Sei Foundation launched a $65 million venture capital fund in order to uplift the DeSci startups building on the Sei network.
These decisions have also benefited the native token SEI from the foundation. As per the current market analysis, around a 3% increase has been seen in the prices of the SEI token following the acquisition news.
23andMe’s Bankruptcy Filing: A Warning For Customers
After the DNA testing firm, 23andMe, filed a bankruptcy and declined demand for its services, state attorneys general urged users to delete their accounts and secure their personal data. According to NordVPN cybersecurity expert Adrianus Warmenhoven, genetic data is not just personal information. As mentioned by him, when a company that stores this data goes under, this personal data will also be sold as an asset of the company to third parties, offering far-reaching consequences. He also addressed 23andMe as s “digital goldmine” with over 15 million users’ data in store.
So, even though the company has claimed that the bankruptcy would not affect how it stores, manages, or protects the genetic data, users were urged to take immediate steps to safeguard their personal details. With uncertainties, this concern has been raised by various users on social media platforms and other digital places. Now, with the recent announcement of the Sei Foundation, issues are slowly getting resolved. However, more details of the same are yet to be released.