Quamfy Lounge Independent research on the QNT token Last reviewed 26 Oct 2026

How fiat becomes locked QNT

Enterprises pay in fiat. Quant's Treasury turns the fee into QNT and locks it for the licence term.

1How it works

  1. The client pays a licence fee in fiat.
  2. The Treasury obtains QNT at that day's rate.
  3. The QNT stays locked for the licence term. 1
How an enterprise licence fee becomes locked QNT
Enterprise client
licence fee in fiat
Quant TreasuryObtains QNT at that day's rate
QNT
QNT lockedFor the licence term
At the end of the term
RenewedThe lock is reset to the licence's fiat value. QNT is released to, or added from, the Treasury.
Not renewedThe QNT goes back to the Treasury for other clients.
More detail

The enterprise Treasury "has been live with clients since April 2019". 1

If a licence isn't renewed, the QNT goes back to the Treasury "for other client use". 1

2Why fiat still means QNT demand

Paying in fiat doesn't skip QNT. It skips the bank's paperwork. The QNT is still bought and locked, on the client's behalf. 1

Paying in fiat still means QNT is bought and locked
If banks had to pay in QNT
Bank
buys QNT
Bank holds cryptoCustody, accounting, risk approval, capital rules
pays the licence
QNT locked
How it works
Bank
pays in fiat
Quant TreasuryBuys QNT for the client
locks it
QNT locked

Same result: QNT is bought and locked. The fiat route only removes the bank's paperwork.

“For enterprise clients they can also pay in pounds/fiat and we handle their QNT, as it’s easier for enterprise to manage.” Gilbert Verdian 2

Why banks don't buy QNT themselves

A bank buys software the way it buys anything else: a contract, an invoice, a payment in pounds or dollars. Holding a crypto asset directly would add custody, accounting treatment, risk approval and, for banks, capital rules. Quant itself notes that paying fees in crypto leaves businesses "little choice but to hold crypto on their balance sheets". 3

The Treasury takes that work off the client. The bank pays in fiat; Quant obtains the QNT "on behalf of the client at a given day's rate". 1 The tokens are bought either way. The fiat route just removes the reason to say no.

It works like paying abroad by card. You pay in your own currency, but your bank still buys the foreign currency to settle.

3Rebalancing at renewal

The lock is set in fiat, not tokens. If the price has risen, some QNT is released to the Treasury. If it has fallen, more is locked. 4

Example: a $10m licence. The dollar value stays fixed; the number of tokens adjusts.
QNT priceQNT locked
Year 1$100100,000
Renewal, price doubled$20050,00050,000 released to the Treasury
Renewal, price halved$50200,000100,000 more added

Released QNT doesn't have to be sold. The Treasury can hold it for other clients' licences, 1 so a new licence isn't always a market buy and a release isn't always a market sale.

The source exchange

Question, May 2019If a company pays $100,000 with QNT at $2, 50,000 QNT are locked. At renewal with QNT at $4, is it still 50,000, or 25,000? And at $1, 50,000 or 100,000?

Gilbert Verdian"It will be latter scenario."

4What stays private

Client wallets and totals stay confidential, so competitors can't read what a client is building. 4 The trade-off: the size of the lock, and how much the Treasury holds or sells, can't be measured from outside.

Gilbert's explanation

Gilbert Verdian, May 2019: sharing wallets or totals would let competitors "figure out" a client's plans. "If you are Apple working with a vendor on a confidential project that will shape your business models there's no way you want any competitors to see what you're doing." 4

Notes (4)
  1. Overledger Network for Community, v1.0. Quant Network, 30 Jun 2020 (community channel PDF). PDF, 741 KB · Source entry
  2. Gilbert Verdian, Quant Community Channel on Telegram, 26 Jul 2022 (pinned). Screenshot, 230 KB · Source entry
  3. Overledger reduces crypto exposure. quant.network, 10 Jul 2023. Source entry
  4. Gilbert Verdian, community AMA, 20 May 2019 (community transcript, PDF). PDF, 330 KB · Source entry