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Sei Foundation, the organization behind the Sei Layer 1 blockchain, has just announced that it is considering acquiring the genetic testing company 23andMe after the company was court-approved to sell its assets to resolve bankruptcy issues.
In a post on X on March 28, Sei Foundation emphasized:
"We believe user data sovereignty is a national security issue. When a pioneering US biotech company faces bankruptcy, the genetic data of millions could fall into the hands of entities that do not adhere to values of transparency and open access."
Sei Foundation affirmed their goal is to "protect the genetic data privacy of 15 million Americans and ensure this data is preserved for future generations."
23andMe faces bankruptcy risk, customer data may be sold
On March 23, 23andMe announced filing for Chapter 11 bankruptcy. According to Bloomberg, under bankruptcy regulations, any sale must bring in more money than the company's debt - at least $214 million - before shareholders can receive any payment.
On March 27, the company was court-approved to seek potential buyers. 23andMe's most valuable asset is its customers' medical and ancestry data. Since its launch in 2006 and going public in 2021, the company has never been profitable.
Sei Foundation wants to bring 23andMe to blockchain
Sei Foundation is one of the leading organizations in Decentralized Science (DeSci), applying Web3 technology to scientific research to enhance transparency, accessibility, and collaboration.
In January 2025, Sei Foundation launched Sapien Capital - a $65 million investment fund to support DeSci projects developing on the Sei blockchain.
If the 23andMe acquisition is successful, Sei Foundation plans to implement three main approaches:
- Move 23andMe's data to the Sei blockchain for enhanced security and transparency.
- Return data ownership to users through encrypted transfer.
- Allow users to decide how their data is used and benefit from revenue.
"This is not just about saving a company, but building a future where your personal data is entirely under your control," Sei Foundation emphasized in their X post.
