The Cardano Foundation has established Veridian, its digital-identity project, as an independent Swiss company, with most of its 1 million equity shares tokenized on the Cardano blockchain. This initiative marks the first practical use of Cardano’s newly introduced programmable-token standard, known as CIP-0113.
Veridian pioneers programmable equity on Cardano
Veridian is the first company to leverage the CIP-0113 standard, which enables token issuers to impose transfer restrictions, freeze, or seize assets to meet regulatory obligations. This technical framework was designed to help issuers of regulated digital products, such as stablecoins and funds, enforce compliance requirements like identity verification and legal orders.
The independent entity, based in Switzerland, aims to support governments, businesses, and AI agents in proving their identities and delineating the scope of their digital activities. Veridian’s leadership includes Thomas A. Mayfield, a blockchain engineer with previous experience heading decentralized trust and identity efforts at the Cardano Foundation. The foundation announced that Veridian expects to seek strategic investors in 2027.
Frederik Gregaard, CEO of the Cardano Foundation and chair of Veridian, stated that the company’s move provides Cardano with its first live demonstration of programmable tokenized equity.
“People have talked about tokenized equity for years, and now there’s an operating company on Cardano doing it,” Gregaard said. He emphasized that CIP-0113 enables issuers to attach detailed rules for asset transfer, including freezing and seizure options.
CIP-0113 enables compliance and control
The programmable features of CIP-0113 are particularly significant for issuers managing regulated financial products. They allow for identity checks, sanctions controls, and the ability to comply with court-ordered asset freezes whenever a tokenized asset changes hands. By tokenizing its own equity, Veridian has provided the standard with a fully operational example in the context of company shares.
Veridian utilizes open technical standards, including KERI and ACDC, to issue digital credentials. These enable individuals, companies, and AI agents to prove their identity or authority in a decentralized manner, without relying on a central registry.
Identity innovation and integration with AI
Veridian’s mobile wallet is live for both iOS and Android users. The company has already aligned its technology with Utah’s digital-identity requirements, following the state’s implementation of the State Endorsed Digital Identity Program under SB 275 in May.
Gregaard pointed to growing global interest in digital identity and the specific regulatory frameworks emerging in regions like Utah as one reason for establishing Veridian as a separate company. The evolving needs to verify AI agents also contributed to the decision.
Serviceplan Group and NMKR have already integrated Veridian into Masumi, an AI-agent payment and identity network on Cardano. This integration allows counterparties to verify an agent’s credentials before authorizing payments and to revoke credentials if the agent is compromised.
Gregaard explained that AI agents require robust, verifiable identities, and Veridian’s independence positions it uniquely to serve this growing sector.
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