Cardano Spins Out Veridian, Tokenizes Shares on New Standard
The Cardano Foundation has spun out its digital-identity project Veridian as an independent Swiss firm, tokenizing its shares using the network's new CIP-0113 standard.
The Cardano Foundation has spun out its digital-identity project, Veridian, as an independent Swiss company and tokenized the majority of its 1 million shares on the Cardano blockchain. According to CoinDesk, Veridian is the first entity to utilize Cardano's newly launched CIP-0113 programmable-token standard for its equity.
Programmable Token Standard in Action
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The move provides the first live application of Cardano's CIP-0113 framework, which was introduced on Tuesday. The standard allows token issuers to attach specific rules to assets, including transfer restrictions and the ability to freeze or seize tokens to comply with regulatory mandates. These features are designed to support regulated financial products like stablecoins, funds, and tokenized securities. Veridian's tokenized shares are not being offered to the public.
Identity Solutions and Future Plans
Veridian develops decentralized credentials using open technical standards known as KERI and ACDC, allowing individuals, businesses, and AI agents to verify their identities without relying on a centralized database. The company's mobile wallet is currently live on iOS and Android. Veridian has already mapped digital-identity requirements for Utah's State Endorsed Digital Identity Program, which was established under SB 275 in May.
The independent company is led by Thomas A. Mayfield, a blockchain engineer who previously directed decentralized trust and identity solutions at the Cardano Foundation. Frederik Gregaard, CEO of the Cardano Foundation, serves as Veridian's chair. The company plans to seek strategic investors in 2027.
Key facts
- The Cardano Foundation spun out its digital-identity project, Veridian, as an independent Swiss company.
- Veridian tokenized most of its 1 million shares on the Cardano blockchain.
- The company is the first to implement Cardano's new CIP-0113 programmable-token standard.
- Veridian's decentralized identity wallet is live on iOS and Android.
- The firm plans to seek strategic investors in 2027.
Source: coindesk.com
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