What to know:
- The Sei Foundation, associated with the layer-1 blockchain Sei (SEI), is considering acquiring bankrupt genomics company 23andMe, with plans to put the genetic data of 15 million users on blockchain rails, it said on X.
- The foundation said genomic data security is a national security issue, especially as 23andMe faces financial struggles and has recently filed for Chapter 11 bankruptcy protection.
- SEI climbed 3% on the news before paring some of the gains.
The Sei Foundation, the nonprofit development organization behind the layer-1 blockchain Sei (SEI), is exploring the acquisition of bankrupt personal genomics company 23andMe and putting the genetic data of 15 million users on blockchain rails.
The foundation announced the initiative in an X post on Thursday, calling the plan its "boldest DeSci bet yet" — referring to the decentralized science movement. Earlier this year, it also launched a $65 million venture capital fund dedicated to DeSci startups building on the Sei network.
The foundation said that genomic data security is a national security matter, particularly as 23andMe grapples with financial difficulties. The company, known for its direct-to-consumer DNA testing services, filed for Chapter 11 bankruptcy protection earlier this week.
If the acquisition proceeds, the Sei Fundation plans to integrate 23andMe's data onto its blockchain and give users ownership of their genetic data, ensuring privacy through encrypted transfers and allowing individuals to decide how their data is monetized.
"This isn't just about saving a company, it's about building a future where your most personal data remains yours to control," the foundation said.
Numerous state attorneys general have warned 23andme customers to delete their data from the platform in recent days since the company's bankruptcy filing.
SEI, the native token of the network, climbed as much as 3% following the news before giving back some of the gains.