Cardano Foundation Spins Out Identity Firm Veridian

The Cardano Foundation has spun out Veridian as an independent digital identity company following three years of development, according to an announcement dated Oct. 8. Veridian operates as an independent commercial business providing tools for governments, organizations, and individuals to verify the identity and authority of participants in digital interactions without relying on a central database.

Alongside the corporate separation, the Foundation announced that Veridian's shares have been issued as ledger-based securities under Switzerland's DLT Act. The shares are tokenized using Cardano's CIP-0113 programmable token standard, which went live on the mainnet on Oct. 7. The specification requires a successful script check before ownership can change, allowing issuers to attach identity checks and transfer restrictions.

Leadership and Expansion Plans

Foundation CEO Frederik Gregaard serves as Veridian's chair, with Gregaard and chief legal officer Nicolas Jacquemart joining the company's board. Thomas A. Mayfield leads the business as CEO, focusing on government, enterprise, and AI agent identity markets.

Veridian plans to seek strategic partners and investors in 2027 to support expansions including its U.S. government business, European enterprise operations, and Asia-Pacific credential issuers. The company stated it has mapped all 142 requirements in Utah's state-endorsed digital identity implementation guide.

Key facts

• Veridian spun out after three years of development inside the Cardano Foundation.
• Shares are tokenized under Switzerland's DLT Act using Cardano's CIP-0113 standard.
• Frederik Gregaard serves as chair and Thomas A. Mayfield as CEO.
• The company plans to seek strategic partners and investors in 2027.