Holonym Acquires Gitcoin Passport: Uniting for Human Verification in Crypto

Digital Identity Startup Holonym Acquires Gitcoin Passport

In a significant development in the cryptocurrency sector, Holonym Foundation has acquired Gitcoin Passport in a deal involving an undisclosed sum of cash and tokens. The acquisition unites two closely associated companies, as Holonym was already distributing its technology through Gitcoin Passport, a digital logbook used by over 2 million internet users to store proof of their identity for services that require human verification.

The acquisition comes at a time when the crypto industry is grappling with the challenge of distinguishing between human users and artificial intelligence agents. Holonym and Gitcoin are among several startups, including Sam Altman's Worldcoin, developing solutions to sift out bots and ensure that users are genuine individuals.

Following the acquisition, Gitcoin Passport will rebrand to Human Passport, and eight of its employees will continue to work at Holonym, which now has a team of 30. Shady El Damaty, CEO of Holonym, plans to make the digital passport more portable, allowing it to follow users across the internet and perform identity checks necessary for online business transactions.

One of the key attractions of using a digital passport like Gitcoin Passport is the privacy factor. Unlike government IDs, these crypto passports can verify a user's identity without revealing their personal information. El Damaty has confirmed that this privacy aspect will be maintained and even enhanced with the integration of zero-knowledge proof technology, which will upgrade the nearly 35 million credentials stored on the platform.

Holonym's technology has already been used to secure $225 million in airdrops, ensuring that token launches reward people rather than bots. Looking ahead, El Damaty plans to partner with more humanitarian organizations, such as digital identity checkers for refugees in need of accessing financial aid. One upcoming project aims to assist 1 million displaced persons.

The acquisition may also strengthen Holonym's position in the competitive landscape, as it seeks to challenge Worldcoin, which is currently the leading identity solution in the crypto space due to its association with OpenAI's Sam Altman. El Damaty has stated that Holonym is positioning itself as an alternative to Worldcoin.