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Sei Foundation revealed plans to acquire genetic testing firm 23andMe, which filed for bankruptcy early this week.
The potential deal aims to revolutionise genetic data security and privacy using blockchain, guaranteeing user authority over sensitive details.
The company said:
We believe user data sovereignty is a matter of national security.
The company said that it plans to defend the genetic privacy of 15 million Americans and ensure their data is protected for generations to come.
Crypto traders and investors shifted to the native token SEI as the acquisition deal could position the altcoin for impressive growth.
The SEI/USDT 1D chart shows the alt breaking free from a descending wedge formation, which could trigger an over 150% surge to $0.50.
Addressing genetic privacy with blockchain
While 23andMe navigates its bankruptcy phase, the data of American citizens could be vulnerable to exploitation.
The Sei Foundation believes decentralizing 23andMe’s operations would solve the issues, as users will have control over their genetic information.
Sei Network is key in the blockchain industry due to its high performance.
It plans to onboard the biotech firm to its decentralized framework. Sei Foundation’s vision includes key objectives:
Incorporating 23andMe on the Sei network, a blockchain designed for web3 applications.
Ensuring user data control through confidential and encrypted transfers.
Allowing users to determine the monetization of their data and enjoy a share of the generated revenue.
Meanwhile, Sei’s proposal underscores a paradigm change in data ownership.
Most digital platforms collect the most sensitive user data before providing services.
Thus, decentralized science (DeSci) is gaining traction in the healthcare and biotech sectors.
Financial and legal experts have alerted 23andMe clients to remove their data from the company after its bankruptcy filing.
An attorney general issued a chilling warning to the millions of customers of California-based 23andMe, urging them to ‘delete your data’ immediately as the company faces impending bankruptcy.
Sei Foundation looks to pioneer the trend by placing genetic information in an immutable, decentralized ledger to eliminate third parties that often benefit from sensitive data without user consent.
SEI potential 150% rebound
SEI trades at $0.1984, reflecting broad market downtrends.
It has lost over 6% in the past 24 hours as the value of all cryptocurrencies declined by 3.10% to $2.77 trillion.
While SEI’s prevailing outlook highlights robust bearishness, analyst Crypto Jack observed a key development on the SEI/USDT 1D chart.
Source – CryptoJack on XThe alt is breaking out from a descending wedge formation, a bullish reversal.
The technical setup often suggests a weakening selling momentum and impending upside rallies.
The Relative Strength Index confirms the optimism, with its bullish divergence underscoring a momentum shift to buyers.
A decisive breakout beyond the nearest resistance could fuel a massive rally, eyeing $0.50.
That would mean an over 150% surge from SEI’s current price.
The materializing breakout matches the improving optimism, especially after the Sei Foundation’s bold moves in the decentralized science pace.
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