Major Merger in the Crypto Sector: Holonym Foundation Acquires Gitcoin Passport
In a significant move within the “proof of humanity” sector of the cryptocurrency industry, Holonym Foundation announced on Monday its acquisition of Gitcoin Passport for an undisclosed amount in cash and tokens. This merger combines two closely aligned entities, as Holonym was already leveraging its technology through Gitcoin Passport. The Passport serves as a digital logbook where over 2 million internet users securely store their proof of personhood, enabling access to various services that require verification of their human identity.
As artificial intelligence (AI) agents increasingly mimic human behavior, the need for robust identity verification becomes paramount. Holonym and Gitcoin are part of a growing cohort of crypto startups—most notably including Sam Altman’s Worldcoin—that are innovating ways to differentiate between human users and automated bots in online environments.
With the merger, Gitcoin Passport will be rebranded as Human Passport, and eight of its employees will transition to Holonym, which now boasts a workforce of 30. CEO Shady El Damaty has ambitious plans to enhance the usability of the digital passport, making it more portable so that it can seamlessly accompany users across various platforms on the internet. This will facilitate the necessary identity checks required for online business transactions.
One of the primary advantages of utilizing a digital passport over traditional forms of identification, such as government-issued IDs, is the privacy it offers. The crypto passport can verify the holder’s identity without exposing personal details. El Damaty emphasized that this privacy feature will remain intact post-merger, and in fact, it is set to be enhanced. The nearly 35 million credentials currently stored on the Passport will be upgraded with advanced zero-knowledge proof technology, further safeguarding user anonymity.
A prominent application of proof of humanity technology in the crypto space is its role in airdrops. Many projects aim to ensure that their token distributions reward genuine users rather than bots, and Holonym has played a pivotal role in securing approximately $225 million in such distributions, according to El Damaty.
Looking ahead, Holonym plans to enter partnerships with humanitarian organizations, focusing on projects that facilitate digital identity verification for refugees seeking access to financial aid. One such initiative aims to support 1 million displaced individuals.
This acquisition may enhance Holonym’s competitive edge against Worldcoin, which currently leads the identity verification landscape due to its affiliation with OpenAI’s Sam Altman. El Damaty stated, “We’re positioning ourselves as a viable alternative to Worldcoin.”
