Sei Foundation looks to acquire bankrupt 23andMe in major DeSci move

The Sei Basis is exploring the acquisition of 23andMe, a bankrupt genetic testing firm, with plans to carry its information infrastructure onto the Sei blockchain.

In a press release launched on March 27, the Basis revealed that the acquisition would mark a big step towards defending genetic information via on-chain options.

Based on the Basis:

“We consider person information sovereignty is a matter of nationwide safety. When an American biotech pioneer faces chapter, private genomic information of hundreds of thousands turns into susceptible to events that will not share the identical values of transparency and open entry.”

Contemplating this, the Sei Basis revealed that buying 23andMe would align with its broader mission to guard person information.

Sei believes its acquisition would enable people to achieve full management over their private info by transitioning the corporate’s genetic information to a blockchain-based system. Customers may resolve how their information is shared, monetized, or saved—enabling a future the place privateness and possession come first.

23andMe, broadly identified for providing DNA testing kits that present insights into ancestry, traits, and genetic well being dangers, just lately filed for Chapter 11 chapter in the US. The submitting goals to open the door for potential patrons to accumulate the corporate’s belongings and maximize shareholder worth.

DeSci

In the meantime, the Basis additionally pressured that that is greater than a rescue operation.

As an alternative, the group sees the potential acquisition as a strategic push into Decentralized Science (DeSci), an rising discipline that applies blockchain ideas to scientific analysis and information administration.

If the deal is accomplished, the acquisition would mark one of many first main efforts to combine genetic science into the chain.

In addition to that, the acquisition may additionally strengthen the DeSci motion, which continues to draw consideration and funding.

As of press time, information from CoinGecko exhibits that tokens tied to DeSci initiatives maintain a mixed market worth of over $657 million.