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The Sei Foundation is considering purchasing genetic testing company 23andMe, which recently filed for Chapter 11 bankruptcy protection, according to an official statement from the foundation’s X (formerly Twitter) account.
Sei’s proposal would include adding genetic data from more than 15 million users to the blockchain, giving individuals ownership and control over their own genetic information. The foundation noted that genetic data security has become a national security concern, especially as 23andMe faces financial instability.
Sei is an altcoin traded on the cryptocurrency exchange Binance and has a market value of approximately $1 billion at the time of writing.
The potential acquisition comes at a time when several state attorneys general are urging users to consider deleting their personal data from 23andMe’s platform due to privacy concerns. Sei claims that blockchain encryption mechanisms will ensure user privacy and security, and allow individuals to decide whether or how their data is used and monetized.
Sei described the move as “the most radical decentralized science (DeSci) project” to date.
*This is not investment advice.
