Cardano Foundation Spins Out Veridian, Tokenizes Equity on New Programmable Standard
Cardano Foundation creates independent company Veridian and puts its shares on chain
The Cardano Foundation has spun out its digital identity project, Veridian, as an independent Swiss company and tokenized most of its 1 million shares on the Cardano blockchain. The move makes Veridian the first company to use Cardano's new CIP-0113 programmable-token standard for equity.
Frederik Gregaard, CEO of the Cardano Foundation and chair of Veridian, confirmed the tokenization in an email to CoinDesk. "People have talked about tokenized equity for years, and now there's an operating company on Cardano doing it," he said.
The tokenized shares are not being offered to the public. The company plans to seek strategic investors in 2027.
What CIP-0113 enables
CIP-0113, or Cardano Improvement Proposal 0113, is a new token standard announced by Cardano on October 7, 2026. It lets token issuers attach rules to a token, including restrictions on who can receive it and whether it can be frozen or seized. These features are designed for regulated products such as stablecoins, funds, and tokenized securities, where issuers may need to enforce identity checks, sanctions controls, or court orders.
Veridian's shares give the standard a live equity use case rather than leaving it as a theoretical feature.
Veridian's identity business
Veridian, based in Switzerland, develops digital credentials using open standards called KERI and ACDC. The credentials are meant to let people, companies, and AI agents prove their identity or authority without relying on a central database.
The company is led by Thomas A. Mayfield, a blockchain engineer who previously led decentralized trust and identity solutions at the Cardano Foundation. Veridian's mobile wallet is already live on iOS and Android.
The foundation also said Veridian has mapped Utah's digital identity requirements under SB 275, a state law that took effect in May 2026 and created Utah's State Endorsed Digital Identity Program.
Why this matters
Tokenized equity has been discussed in crypto circles for years, but live implementations have been rare. Veridian's tokenized shares represent one of the first real-world examples of a company issuing programmable tokens for its own ownership stakes on a public blockchain. The CIP-0113 standard adds regulatory-compatible features like transfer restrictions and asset freezing, which could make tokenized securities more viable for institutions that need to comply with existing laws.
What is still unclear
The article does not specify how many of Veridian's 1 million shares were tokenized versus held in traditional form. It also does not detail the terms under which the strategic investor round will occur or whether any secondary trading of the tokenized shares is planned.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.