The foundation behind the layer-1 blockchain, Sei, announced it was exploring the acquisition of the genetic testing company 23andMe after the firm filed for bankruptcy.
In a March 27 X post, the Sei network said its foundation was considering purchasing 23andMe “to defend the genetic privacy of 15 million Americans” by putting the company’s data on the blockchain.
According to the foundation, if it acquires the biotechnology company, it plans to deploy all the genetic information on the blockchain and “return data ownership to users through encrypted, confidential transfers.”
March 27 X announcing a potential acquisition of 23andMe. Source: Sei Network
“We believe user data sovereignty is a matter of national security,” the Sei network’s announcement reads. “When an American biotech pioneer faces bankruptcy, personal genomic data of millions becomes vulnerable to parties that may not share the same values of transparency and open access.”
The announcement came four days after 23andMe said it filed for Chapter 11 protection in the US Bankruptcy Court for the Eastern District of Missouri. The company said at the time there would be “no changes to the way [it] stores, manages, or protects customer data,” which reportedly includes genetic information from roughly 15 million people globally.
Related: Stop giving your DNA data away for free to 23andMe, says Genomes.io CEO
The 23andMe bankruptcy has, for many, reignited concerns about data privacy in an age in which companies have caches of genetic information from millions of people.
After the bankruptcy announcement, New York State Attorney General Letitia James and California Attorney General Rob Bonta urged 23andMe users to contact the company to delete their personal data, saying they had a right to privacy and to request any DNA samples be destroyed. The two authorities said state laws gave 23andMe users control of their own data.
The price of the network’s Sei (SEI) token briefly rose from $0.209 to $0.215 after the network’s X post — a roughly 3% increase.
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