The Cardano Foundation has spun out its digital-identity project, Veridian, into an independent Swiss company led by Thomas A. Mayfield, with Foundation CEO Frederik Gregaard acting as chair. Veridian became the first entity to tokenize its equity—issuing most of its 1 million shares on Cardano—using the new CIP-0113 standard that permits transfer limits and asset freezing. Veridian offers live mobile wallets and targets strategic investors in 2027 while serving frameworks like Utah's digital identity law and AI agent networks.
Veridian spin-out and leadership
- ▪Veridian is led by blockchain engineer Thomas A. Mayfield, who previously managed decentralized trust and identity solutions at the Cardano Foundation
- ▪Cardano Foundation CEO Frederik Gregaard serves as chair of Veridian, while Cardano Foundation executives retain board roles
- ▪The Cardano Foundation spun out its digital-identity project Veridian into an independent company based in Switzerland
Equity tokenization and CIP-0113 standard
- ▪Cardano Improvement Proposal 0113 (CIP-0113) allows token issuers to enforce transfer restrictions, asset freezing, and asset seizing to satisfy regulatory requirements
- ▪The Cardano Foundation tokenized most of Veridian's 1 million total equity shares on the Cardano blockchain
- ▪Cardano introduced the CIP-0113 programmable-token framework on October 6, 2026 to support regulated financial products including stablecoins, funds, and tokenized securities
- ▪Veridian is the first operating company to tokenize its own equity using Cardano's CIP-0113 programmable-token standard
Compliance with Utah Digital Identity laws
- ▪Cardano Foundation CEO Frederik Gregaard stated that Utah's digital-identity framework and growing AI agent verification demands provided reasons to separate Veridian from the nonprofit Cardano Foundation
- ▪Veridian mapped its digital-identity tools to comply with Utah's SB 275 legislation, which created the State Endorsed Digital Identity Program in May 2026
Integration with Masumi AI network
- ▪Masumi, an AI-agent payment and identity network built on Cardano by Serviceplan Group and NMKR, uses Veridian to verify agent credentials prior to payment execution
- ▪Masumi, an AI-agent network built on Cardano, allows counterparties to revoke an AI agent's Veridian credentials if the agent becomes compromised
Veridian's future plans
- ▪The Cardano Foundation said Veridian will build tools for governments, businesses, and AI agents to prove their identity and specify their online activities
- ▪Veridian plans to seek strategic partners and investors in 2027
Debatable claims
- ▪Cardano Foundation executives should not hold board seats in commercial spin-outs
- ▪CIP-0113 asset-freezing features compromise Cardano's permissionless architecture
- ▪State-endorsed digital identity frameworks pose unacceptable privacy risks
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