The Cardano Foundation announced the creation of Veridian, an independent Swiss company that will develop digital-identity solutions, and simultaneously moved the majority of its one-million shares onto the Cardano blockchain. The tokenisation was carried out using Cardano’s freshly released CIP-0113 programmable-token proposal, marking the network’s first live deployment of the framework.
Spin-out and share tokenisation
Veridian, previously the foundation’s digital-identity project, was separated into its own legal entity and its equity was largely converted into on-chain tokens. According to the foundation’s chief executive, Frederik Gregaard, the company now holds one million shares, most of which have been minted as tokens on Cardano. The move demonstrates a practical application of tokenised equity that the blockchain community has discussed for years.
New programmable-token standard
CIP-0113 introduces the ability for token issuers to attach custom rules to each asset. These rules can dictate who may receive the token, enforce identity checks, and, where required, allow the token to be frozen, seized, or otherwise restricted. Such capabilities are designed to meet the compliance needs of regulated products, including stablecoins, investment funds and tokenised securities. Veridian’s equity tokens provide the first real-world equity use case for the standard, moving it beyond theoretical discussions.
Veridian’s product focus
The company builds credentials based on open technical specifications known as KERI and ACDC. These credentials enable individuals, organisations and software agents to prove their identity or authority without relying on a central database. Veridian’s mobile wallet, already available on iOS and Android, has been aligned with Utah’s State Endorsed Digital Identity Program (SB 275). Additionally, the AI-agent payment and identity network Masumi, which runs on Cardano, incorporates Veridian’s verification layer to confirm an agent’s credentials before transactions and to revoke them if a compromise occurs.
Future plans and market impact
Veridian intends to attract strategic investors in 2027, according to the foundation’s statement. The spin-out is positioned to serve a growing market for verifiable digital identities, especially as AI agents become more prevalent in commercial activities. By demonstrating that regulated equity can be issued on Cardano, the project may encourage other enterprises to explore similar tokenisation routes, potentially expanding the ecosystem’s appeal to traditional finance participants.
Why it matters
The launch of Veridian and its tokenised shares provides a concrete example of how Cardano’s programmable-token standard can satisfy regulatory requirements while delivering a functional product. It signals a shift toward blockchain-based digital credentials for both humans and autonomous agents, and could accelerate the adoption of tokenised securities across regulated markets.
