Cardano spins out Veridian, tokenizes most of its shares

The Cardano Foundation spun Veridian out as an independent Swiss company on Oct. 8, 2026, and Veridian tokenized most of its 1 million shares on Cardano, giving the network’s new CIP-0113 standard its first equity use, according to the Foundation’s announcement and a CoinDesk report.

• Veridian has 1 million shares in total.
• Most have been tokenized, according to Cardano Foundation CEO Frederik Gregaard, speaking to CoinDesk.
• The shares are not being offered to the public, CoinDesk reported.

The move gives Cardano a live example of tokenized equity using rules built into the asset. Veridian develops digital identity tools for governments, businesses and individuals, and will seek strategic partners and investors in 2027, the Foundation said.

What does CIP-0113 let issuers do?

CIP-0113 lets issuers attach compliance rules to Cardano tokens, including checks on who can receive or transfer them. The Cardano Foundation says those rules are enforced by the ledger when tokens are transferred, minted or burned.

The rules can include identity checks, screening against sanctions lists, and controls to freeze or seize assets. These features are designed for regulated products such as securities, funds and stablecoins, where issuers may need to comply with legal requirements as assets change hands.

The tokens remain native Cardano assets, rather than assets held in a separate system, according to the Foundation. Issuers can use modular rule sets or write their own, and can update them as regulations change. The standard went live on Cardano mainnet on Oct. 7, a day before Veridian announced its spin-out.

Why is Veridian becoming independent?

Veridian will build identity and credential tools that let people, organizations and software agents prove who they are and what they are allowed to do. The Foundation said independence will let the company pursue government and enterprise customers, while it continues to work with the Foundation.

The product uses KERI and ACDC, two open identity standards, to issue digital credentials. Veridian’s wallet is available on iOS and Android, the Foundation said. It also said the company has mapped the 142 requirements in Utah’s State-Endorsed Digital Identity implementation guide.

One current use is Masumi, an AI agent payment and identity network built on Cardano by Serviceplan Group and NMKR. The Foundation says Masumi uses Veridian credentials so counterparties can check an agent’s identity before payment and revoke its authority if it is compromised.

Can the tokenized shares be bought?

No public share offering was announced. CoinDesk reported that the tokenized shares are not being offered to the public, so the launch is an operating example of the standard rather than a new retail investment product.

The shares are described by the Foundation as ledger-based securities under Switzerland’s DLT Act, which provides a legal framework for securities recorded on distributed ledgers. Their use puts CIP-0113 to work on company equity, while the Foundation’s broader aim is to make programmable tokens available for regulated assets.

Veridian’s planned search for strategic partners and investors begins in 2027, according to the Foundation. Whether its tokenized shares will later be made available to investors was not stated in the announcement.

Sources and documents

• announcement — cardanofoundation.org
• CoinDesk report — coindesk.com