Why Crypto Non Profit with $ 65 million wants to buy DNA data of 15 million people – DL News
- SEI Foundation wants to buy 23Andme.
- Non-profit Nonofit is looking for other investors to join in a potential agreement.
- The bankruptcy company sells DNA data of its customers.
SEI Foundation, Crypto Nonofit, whether a long offer for procurement of 23AndME, bankrupt consumer DNA testing firm.
A little probable customer says it wants to control clients from 23Andme on their DNA data using BlicCchain technology and eventually allow them to monetize them.
“We talk to some partners to join the agreement,” Eleanor Davies, Chief of Sheets at SEI Foundation DL News In an interview. “It’s not hunger for publicity.”
Showers
Decentralized science, or letters, is a movement aimed at building a public infrastructure for financing, creating and reviewing scientific pursuit using blockchain technology.
28. Marta 23AndME Received permission From the American bankruptcy court to sell genetic data for 15 million customers to potential bidders, burning fears how data can be used under new property.
California lawyer in general Rob Bonta issued a Consumerstating potential privacy data in connection with the sale of 23AndME.
Insurance and health companies are reportedly among potential customers, Phil Mataras, the founder of the decentralized cloudy Network Ar.io, said said DL News.
“With the situation of health insurance in the United States as criminal as it, it could be catastrophic for some 23Andme customers,” Mataras said.
Safety measures
Company say Its security measures around genetic data will remain in place after sales. But his privacy policy says these measures can be changed at any time.
To be sure, users can ask for 23Andme to delete its genetic data. However, it is likely that many customers, especially those who used companies for the first time when launched 17 years ago, are not aware that their data is at risk.
SEI Foundation is a non-profit task for developing Si’s Blockain.
“Our goal is to go beyond and wider in terms of customer data privacy.
– Eleanor Davies, Sei Foundation
Started in August 2023. years, positioning As a faster, original alternative to the top smart contract network Etherum.
However, adoption is slow. Users have been deposited so far $ 410 million In the apps on the Blockcain, which makes it 17. The largest BlocCchain project.
Profit motif
If SEI Foundation manages to gain 23AndMe, may have a difficult road.
The job failed under its current model due to the one and the nature of its leading product – DNA test. After picking up the test once, there is no reason for customers to download it again.
Davies does not have a scientific background, but also experience in advising on health and biotechnology investments.
She said that the SEI Foundation composed a large team of funders and advisors with experience in data management, health and pharmaceutical industries to help decentralized scientific initiative SEI Foundation.
The plan is to take the existing genetic database in the monetiza of 23AndME – with customer consent – while holding DNA testing part of the business.
She described a system that could look for an exchange or market with confidential transfers, where users could choose and choose who to use their genetic information.
For example, customers can allow their genetic data to contribute to scientific research only by rare diseases.
Safety questions
As true in SEI blockchain fits in this plan is not clear.
Davies said it could not share specificities, but added that the genetic data itself is stored weighted using data storage at the company level.
“Our goal is to go beyond and wider in terms of protecting customer data privacy,” she said.
Security and privacy are of great concerns for many of the 25Andme customers. In October 2023, hackers steal 7 million customer data. The stolen information includes names, addresses and genetic data people and sell online.
In response, some influenced users submitted a Class action lawsuit against the company.
SEI Foundation said You will use a blockin in the way data is accessed, which approaches it and mechanisms of incentives around monetizing genetic data.
This could return the customer data control. But it could also create new problems.
Non-detention wallets for cryptody are vulnerable. If the user loses codes such as a password that allow for access to the wallet, the content can be lost forever.
“(We) We want to do this as possible without friction that users can decide how their data is used,” Davies said. “You wouldn’t have a crypto front end.”
A war chest of $ 65 million
When asked from where money would come for the purchase of 23Andme, Davies pointed to the Foundation of the SEI Fund Fund for 65 million records Sapien capital.
Is it alone to be enough to put in a competitive offer for the 23rd pillow is not clear.
Market capitalization of the company floats around $ 13 million, but there are $ 277 million of property and $ 214 million to the obligations, Court documents Show.
The number of stakeholders could go out to the tender war.
Ryan Sitton, General Manager of Data Company, Another potential buyer is offered Shareholders $ 100 million for the company.
Anne Vojcicki, co-founder of the 23AndME and its former general director. pronounced Restored interest in buying a company after failing before twice.
Davies refused to appoint other investors SEI Foundation in a conversation with Sindicate in a potential agreement.
Books for the purchase of 23Andme are due 7. May, and in June, the final hearing in the sale will be held.
The CRAIG team is DL News’ Edinburgh correspondent based on Edinburgh. Reach with the tops on tim@dlnews.com.
(Tagstotranslate) SEI
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2025-04-03 15:09:00
