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

The Sei Foundation is exploring the acquisition of 23andMe, a bankrupt familial investigating company, with plans to bring its information infrastructure onto the Sei blockchain.

In a connection released connected March 27, the Foundation revealed that the acquisition would people a important measurement toward protecting familial information done on-chain solutions.

According to the Foundation:

“We judge idiosyncratic information sovereignty is simply a substance of nationalist security. When an American biotech pioneer faces bankruptcy, idiosyncratic genomic information of millions becomes susceptible to parties that whitethorn not stock the aforesaid values of transparency and unfastened access.”

Considering this, the Sei Foundation revealed that acquiring 23andMe would align with its broader ngo to support idiosyncratic data.

Sei believes its acquisition would let individuals to summation implicit power implicit their idiosyncratic accusation by transitioning the company’s familial records to a blockchain-based system. Users could determine however their information is shared, monetized, oregon stored—enabling a aboriginal wherever privateness and ownership travel first.

23andMe, wide known for offering DNA investigating kits that supply insights into ancestry, traits, and familial wellness risks, precocious filed for Chapter 11 bankruptcy successful the United States. The filing aims to unfastened the doorway for imaginable buyers to get the company’s assets and maximize shareholder value.

DeSci

Meanwhile, the Foundation besides stressed that this is much than a rescue operation.

Instead, the enactment sees the imaginable acquisition arsenic a strategical propulsion into Decentralized Science (DeSci), an emerging tract that applies blockchain principles to technological probe and information management.

If the woody is completed, the acquisition would people 1 of the archetypal large efforts to integrate familial subject into the chain.

Besides that, the acquisition could besides fortify the DeSci movement, which continues to pull attraction and funding.

As of property time, data from CoinGecko shows that tokens tied to DeSci initiatives clasp a combined marketplace worth of implicit $657 million.

The station Sei Foundation looks to get bankrupt 23andMe successful large DeSci move appeared archetypal connected CryptoSlate.