Bitcoin
This Company Is Helping You Get Paid For Your Genetic Data
Back at the start of 2015, California based genomics company 23andMe struck a deal with healthcare and biotechnology behemoth Genentech, owned by Roche Holding Ltd. (SWX: RO), that would see the former sell genetic access to its database of genetic data to the latter for research purposes.
The deal, reported to be worth up to $60 million for 23andMe, saw Genentech pay $10 million upfront for access to data from around 3,000 individuals, each of which had paid 23andMe to conduct a personalized DNA analysis, with the promise of the remaining $50 million over time, as and when certain milestones are hit.
Customers are able to request that their individual data not be shared with any third parties, but the vast majority don’t make this request.
On the face of it, submitting the results of a genetic analysis to a pool that can be used to potentially find new treatments for diseases such as Parkinson’s and Alzheimer’s is a noble and worthy action. Indeed, to opt out of this sort of submission seems selfish, similar in tone to opting out of donating body parts after death.
That’s a valid statement – but there’s another, perhaps more important, question that very few people asking: should 23andMe (and other companies) be the ones drawing financial gain from DNA submitted by individuals?
Surely, the individual should have the option to monetize their own genetic makeup?
And we’re not talking small numbers. Using the figures above, Genentech is valuing each individual’s genetic data in the 23andMe database at more than $3,300 at the upfront rate alone (the $10 million initial payment) and six times that based on the paid-in-full deal size.
One company has recognized this issue and has, over the last twelve months, developed a solution.
The company is called EncrypGen.
EncrypGen has developed what it calls the Gene-Chain, which is a blockchain based platform that allows for the storage, searching, buying and selling of genomic data. Individuals can store their data on Gene-Chain completely free of charge and can then control it how and when they see fit – by sharing access to it with doctors, for example, or (and as is more in line with what we’ve discussed above) by selling access to it to biotechnology companies for research purposes.
This sort of database type storage and manipulation has, in the past, been incredibly risky for an individual. Databases (in their legacy format) are prone to security risks and there’s practically no guarantee that an individual that stores their genetic data on a centralized storage system will be able to keep that data from falling into the hands of malicious operators.
With blockchain technology, however, this has all changed. Individuals that submit their data are de-identified, through cryptography, to ensure anonymity, and only they can gain access to the data that’s stored on Gene-Chain (that is, of course, unless they want to share it, which they can do through the company’s application).
The important thing to recognize here is that this is the next logical step in the rapid rise of genome data harvesting and research applications. This sort of data is incredibly valuable and companies like 23andMe recognized this ahead of the curve, setting out to collect it in large numbers and subsequently repackaging it for resale to interested buyers.
With Gene-Chain, however, EncrypGen gives individuals a way to leverage the value of their own DNA and benefit directly, not just financially but also in terms of potentially improved medical outcomes based on physician access.
Find out more about EncrypGen and Gene-Chain here.
Image courtesy of University of Michigan School for Environment and Sustainability via Flickr
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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