Gitcoin Passport spin-out and budget proposal

Gitcoin's Passport business unit has proposed a vote to spin out of Gitcoin DAO, with a request for a net allocation of [TBD] GTC, equivalent to about $1,604,857, to fund the business for six months. In return, Gitcoin would hold equity, a token allocation if a token launches, and a board seat, with the Gitcoin Foundation to formalize these terms. The team targets completing the spinout in July, when it would begin using its own website, Discord and email. Passport reports 1.4M unique passports, 1.75M GTC staked, and revenue from OP and Linea.