What could go wrong

1Risk list

• Limited disclosure. Client wallets, totals and Treasury holdings stay confidential to protect clients' plans from competitors. ¹ Normal for an enterprise supplier, but demand can't be measured from outside.
• Adoption pace. Bank projects move slowly, and token demand follows client adoption. The flipside: Quant is also built into banking software from established vendors, such as Murex's MX.3 since March 2026 ² and Oracle's blockchain platform for digital assets since February 2025, ^{3 4} so banks can adopt it through suppliers they already use. And a bank that has integrated a supplier rarely switches, so licences tend to renew and locked QNT stays locked.
• Company holdings. Quant's QNT vested after the 2018 sale, and that period ended in 2019. ⁵ As a private company, Quant doesn't publish the size of its holding today. The flipside: two founder wallets, identified by matching the allocations stated at the 2018 sale, have each moved out less than 5% of what they received and still hold 600,000 QNT each.
• Regulation. Crypto rules are still settling, but the direction is clearer. The EU's MiCA and the UK's FCA both treat utility tokens, which give access to a service, as a category of their own, separate from securities and stablecoins. QNT's 2018 sale followed Swiss FINMA guidance, and it trades on regulated exchanges in the major jurisdictions. Quant's bank clients must vet their suppliers, so Quant has passed that screening.