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23andMe Is a Wake-Up Call on Data Sovereignty
In all likelihood, the move by the Sei Foundation – the organization behind layer1 blockchain Sei – to buy bankrupt genetic data company 23andMe is a long-shot at best, and potentially just a publicity stunt. But, it remains an incredibly exciting idea that has got a lot of people thinking.
Were such a deal to go through, we would see a Web3 company rescue a Web2 company, which would have enormous ramifications in and of itself. Web2 tech giants are already being challenged in the area of AI by much smaller, nimble, and more flexible companies. However, the purchase of what was once one of Silicon Valley’s shiniest stars by a blockchain upstart would be a total paradigm shift.
Beyond that, a deal would be a win for public understanding for data security and privacy. While we have all been vaguely aware of how Meta, Google, Apple, etc., take and use our data, we have chosen to ignore that for the convenience it affords us.
Then there has perhaps never been such a case as 23andMe, which holds DNA and other data for 15 million people. It shows the public how vulnerable their most personal and intimate data is in the hands of centralized companies and organizations.
It’s one thing when Facebook and Instagram are tracking our shopping and consumer habits and making our sensitive messages and emails vulnerable to leaks. With 23andMe, we’re talking DNA data; the very fabric of our human bodies has just been green-flagged for sale to the highest bidder.
If Sei is not successful, which is most likely, this data can and may well be sold to health or life insurance companies. They may then be able to use this data to potentially exclude people from vital healthcare or insurance policies, thanks to the questionable way in which the U.S. healthcare system is run and its discrimination policies enforced.
Perhaps, finally, this is a turning point at which the public may seriously come to understand the importance of owning their own data. Maybe more people will realize that to keep their data truly safe, they have full control of it themselves through the use of decentralized blockchain technology.
Of course, not every blockchain is created equal. However, Sei certainly claims to be highly secure, and projects like Arweave – which is a permanent storage chain built on a “pay one store forever” model – have applications that can allow you to upload and store your data privately, securely and permanently.
These are two among a growing list of options in our industry, but the point is this: there is simply no centralized solution beyond a piece of paper stored in a Swiss security deposit box with keys buried deep in the ground that can compare. And even then, someone can dig those keys up.
This is a watershed moment for people to understand the importance of data self-sovereignty. And it comes at a time when trust in centralized organizations, companies, and even governments is breaking down. As such, the 23andMe sale could mark a true turning point in history, and one that could reshape how Web3 is seen, understood and utilized.
Shares of Nasdaq-listed cryptocurrency exchange Coinbase (COIN) rose 43% this month, making the firm the top performer in the S&P 500 since it joined the index at the end of last month.
June’s run is already the stock’s best since November and caps three straight monthly gains. Coinbase’s shares reached their highest level since their public debut.
COIN hit a $382 high this week before enduring a slight correction, ending the week at $353 and seeing a slight 0.7% drop in after-hours trading to $351.
The wider S&P 500 index rose roughly 5% in June as geopolitical tensions eased.
Washington’s progress on the GENIUS Act, Congress’s first rulebook for dollar-pegged stablecoins, helped shift investor focus from trading fees to stablecoin revenue.
The bill brightened the outlook for Circle, whose shares hit a record high and saw its market cap near that of Coinbase this week.
Coinbase keeps all yield on USDC balances held on its platform and nearly half of other USDC income, equal to about 99 percent of Circle’s revenue, giving shareholders indirect exposure at no added cost, CNBC reported Friday, citing analysts including Citizens’ head of financial technology research Devin Ryan.
Trading, however, remains subdued. Average daily volume on Coinbase has drifted lower since April.
Robinhood (HOOD) has introduced micro futures on bitcoin (BTC), solana (SOL) and XRP in the United States., expanding its existing crypto futures offering for its nearly 26 million funded accounts.
Micro contracts need far less collateral than full-size futures, letting traders take directional positions while committing a smaller slice of capital.
The contracts offer traders more flexibility to bet on a cryptocurrency’s future price direction or hedge current positions given their smaller size.
The launch rounds out a futures suite that began with BTC and ETH in January. It also comes weeks after the firm closed its $200 million purchase of Bitstamp and finalized a $179 million deal for Canada’s WonderFi.
Robinhood’s data shows that crypto notional volumes have exploded upward over time, reaching $11.7 billion in May. The figure marks a 36% rise month-over-month, and a 65% growth year-over-year.
XRP climbed 5.5% to $2.19 in the last 24 hours after a trio of catalysts converged to help the cryptocurrency outperform the wider cryptocurrency market.
One of the catalysts was launch of XRP micro futures on Robinhood. The contracts offer traders more flexibility to bet on the cryptocurrency’s future price direction or hedge current positions given their smaller size.
Regulatory fog also thinned. On Friday, Ripple withdrew its cross-appeal in its long-running U.S. Securities and Exchange Commission (SEC) lawsuit. The SEC sued Ripple back in 2020 over its XRP sales, alleging these violated securities laws. The SEC is expected to drop its own appeal, leaving last year’s ruling, ordering Ripple to pay a $125 million civil penalty to the SEC, intact. The move could lift a lid that had kept some investors on the sidelines.
On-chain data rounded out the bullish setup. The XRP Ledger logged over a 1.1 million active addresses over the past week according to crypto analyst Ali Martinez, who cited Glassnode data.
XRP’s rise saw it outperform the wider crypto market, with the broader CoinDesk 20 (CD20) index rising 1.7% in the last 24 hours.
Coinbase Outpaces S&P 500 With 43% June Rise as Stablecoin Narrative Grows: CNBC
Robinhood Launches Micro Bitcoin, Solana and XRP Futures Contracts
Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market
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