From CoinDesk · By Olivier Acuna
The Cardano Foundation spun out its digital-identity project, Veridian, as an independent Swiss company and tokenized most of its 1 million shares on the Cardano blockchain.
Veridian is the first company to use Cardano’s CIP-0113 standard, which allows token issuers to impose transfer restrictions and freeze or seize assets to meet regulatory requirements.
Veridian, whose mobile wallet is live, develops credentials that help people, businesses and AI agents verify their identities and authority without relying on a central database.
The Cardano Foundation spun out Veridian, its digital-identity project, as an independent company and tokenized its shares on the Cardano blockchain using the network’s new programmable-token standard.
Veridian, based in Switzerland, will build tools for governments, businesses and AI agents to prove their identity and specify their online activities. The company is led by Thomas A. Mayfield, a blockchain engineer who previously led decentralized trust and identity solutions at the Cardano Foundation. Veridian plans to seek strategic investors in 2027, the foundation said Thursday.
“Veridian is the first to tokenize its own shares on the new CIP-0113 that we announced yesterday,” Frederik Gregaard, the Cardano Foundation’s CEO and Veridian’s chair, told CoinDesk in an email statement.
The company has 1 million shares in total, he said, most of which have been tokenized. “People have talked about tokenized equity for years, and now there’s an operating company on Cardano doing it.”
The move gives Cardano its first live example of the programmable-token framework it introduced on Tuesday. CIP-0113, short for Cardano Improvement Proposal 0113, lets an issuer attach rules to a token, including who may receive it and, where required, whether it can be frozen, seized or transferred.
Those features are designed for regulated products such as stablecoins, funds and tokenized securities, whose issuers may need to enforce identity checks, sanctions controls or court orders whenever an asset changes hands. Veridian’s shares give the standard an equity use case, rather than a theoretical one.
Veridian uses open technical standards known as KERI and ACDC to issue digital credentials. The credentials are meant to let people, companies and software agents prove their identity or authority without a central database holding the information.
The Cardano Foundation said Veridian’s wallet is live on iOS and Android and that it has mapped Utah’s digital-identity requirements. Utah’s SB 275, which took effect in May, created the state’s State Endorsed Digital Identity Program.
Gregaard said the Utah framework and the growing need to verify AI agents acting on behalf of people or companies created a reason to separate Veridian from the nonprofit foundation.