The Cardano Foundation has spun off its digital identity project Veridian into an independent commercial entity after a three-year incubation period. The move was paired with a technical milestone: Veridian equity shares were issued as ledger-based securities under the Swiss DLT Act, making it the first asset on the Cardano network to utilize the CIP-0113 standard.
Veridian is now operating under the leadership of CEO Thomas A. Mayfield. Despite separating entities, its founding organization retains strong influence at the top management level. Cardano Foundation CEO Frederik Gregaard now holds the position of Chairman of Veridian, joined by Chief Legal Officer Nicolas Jacquemart on the board of directors of this new institution.
Full Control at the Script Level
The CIP-0113 token standard serving as the foundation for Veridian’s shares has been live on the Cardano mainnet since October 7 without requiring a hard fork. This infrastructure allows asset issuers to embed identity verification (KYC), compile verified address lists, and establish direct transfer controls at the smart contract script level.
As its operational foundation, the platform adopts the regulatory-recognized KERI and ACDC open standards. The public can also access the service via the Veridian Wallet app, which has now launched freely for iOS and Android devices.
Targeting Government Projects and AI Agents
Veridian has mapped out a capital raise timeline from strategic partners and investors in 2027 to fund its global expansion. The targets include U.S. government agencies, European corporations, and business operations in the Asia-Pacific region.
In the United States, the company is targeting the implementation of Utah’s digital identity regulations under the SEDI or SB 275 legal framework. They demonstrated their commitment by mapping all 142 clauses of the regulation’s technical guidelines. This Utah maneuver is also being monitored by more than ten other states considering the adoption of a similar model.
Veridian’s system is designed not only to handle human data, but also to authenticate autonomous AI agents executing payments. The Masumi AI agent payment protocol running on Cardano has already integrated Veridian’s system to manage the verification and revocation of transaction mandates.
Veridian’s spin-off from its incubator showcases tangible integration between traditional Swiss law and blockchain infrastructure. The next step will test how resilient this on-chain digital identity can be in breaking through government bureaucracy and securing autonomous machine traffic.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
