Cardano spins out Veridian, tokenizes most of 1 million shares
Cardano made Veridian an independent Swiss company and tokenized most of its 1 million shares under CIP-0113, giving the new standard its first equity use.
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The Cardano Foundation announced on Oct. 8 that it had spun out Veridian as an independent commercial company and tokenized its shares on Cardano. The Foundation’s announcement says the shares use CIP-0113, a programmable token standard; CoinDesk reported that most of Veridian’s 1 million shares were tokenized.
How many shares were tokenized, and who can buy them?
Veridian has 1 million shares, and most have been tokenized, according to CoinDesk, which cited Frederik Gregaard, Cardano Foundation CEO and Veridian chair. The report said the shares are not being offered to the public. The Foundation said Veridian’s shares are ledger-based securities under Switzerland’s DLT Act.
What does CIP-0113 let issuers control?
The Cardano Foundation said the standard lets issuers attach compliance rules to tokens, including KYC and anti-money-laundering checks, sanctions screening, transfer restrictions and freeze or seizure functions. The ledger enforces those rules when tokens are transferred, minted or burned, according to the Foundation’s CIP-0113 announcement.
CoinDesk reported that Veridian is the first company to tokenize equity under the standard. The Foundation said CIP-0113 went live on Cardano mainnet on Oct. 7, a day before Veridian’s spinout announcement.
What comes next for Veridian?
Veridian plans to seek strategic partners and investors in 2027, the Foundation said, to expand its work in the United States and develop verifiable authority for AI agents. The company is led by CEO Thomas A. Mayfield, according to the Foundation; CoinDesk reported that its digital identity tools are intended for governments, businesses and AI agents.
Sources and documents
- Foundation’s announcement — cardanofoundation.org
- CIP-0113 announcement — cardanofoundation.org