The Cardano Foundation has strategically structured its digital identity-centric project, Veridian, as an independent Swiss company and has tokenized a significant portion of its shares on the Cardano blockchain. This initiative marks Veridian as the first entity to employ Cardano’s newly introduced programmable token standard, CIP 0113, although the token sale remains private.
First Deployment of CIP 0113 in Real-World Equity
Veridian, which holds 1 million shares, has transitioned most of them onto the blockchain. Frederik Gregaard, CEO of the Cardano Foundation and Chairman of Veridian’s Board, highlighted that Veridian is pioneering in using the newly announced CIP 0113 standard for its equity tokenization.
“For years, the prospect of tokenized equity was discussed; now, it’s a reality on Cardano,” stated Frederik Gregaard.
CIP 0113 allows token issuers to embed specific rules on assets, including defining transfer restrictions, freezing, seizing, or curbing certain transactions when necessary. This flexibility positions the standard for prominent use in regulated products such as stablecoins, funds, and tokenized securities.
Veridian Develops Decentralized Identity Tools
Based in Switzerland, Veridian is innovating tools to authenticate the identities and authorities of individuals, companies, and AI agents without relying on centralized databases. Leading the company is Thomas A. Mayfield, a blockchain engineer who formerly oversaw decentralized trust and identity solutions at the Cardano Foundation.
The company creates digital identity credentials using open technical standards known as KERI and ACDC. This enables users, institutions, and software agents to present proof of identity or authority without storing data in a centralized repository. Veridian’s mobile wallet is available for both iOS and Android platforms.
“Even AI agents will require verifiable identities, making Veridian well-positioned to serve this need as an independent entity,” noted Frederik Gregaard.
Utah Regulation and AI Demand Spur Independence
The Cardano Foundation announced that Veridian has mapped the digital identity requirements in Utah, where SB 275 legislation, effective May, supports a state-backed digital identity program. Gregaard pointed out that this framework, alongside the growing need for authenticating AI agents acting on behalf of businesses and individuals, accelerated Veridian’s independence from the foundation.
Veridian’s infrastructure is integral to the Masumi payment and identity network, developed on Cardano by Serviceplan Group and NMKR. This system allows the validation of an agent’s identity before transactions and can revoke permissions if the agent incurs any risk.
Additionally, the Cardano Foundation revealed Veridian’s strategic plans to seek investors in 2027.
