01
Budget
At the testing stage, an expensive structure does not pay for itself.
Medici Expert Cases
A First Fund in Panama: PIF in 2–3 Weeks, Three Exchanges Onboarded
The client was launching a first fund and was concerned a Panama vehicle would not pass exchange onboarding. The fund was established in 2–3 weeks. The first exchange account opened a week later. A cost-efficient structure to test the strategy, three exchanges, a bank account and a defined money-flow model.
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Case
at a Glance
Client:
First-time fund manager: spot trading on centralised exchanges, futures on Hyperliquid
Situation:
No prior experience running a fund
Challenge:
A structure affordable enough for a test and acceptable to exchanges
Medici Scope:
Fund structuring · Onboarding on three exchanges · Bank account · Sub-accounts · Money-flow design · Investor documents
Jurisdiction:
Panama
Timeline:
Fund: 2–3 weeks · First exchange account: 1 week · Two more: 4 days · [[year]]
Outcome:
An operating fund with a bank account and three exchanges
Context
A thesis to test. A budget that would not support a regulated fund.
The client wanted to test an investment thesis: spot trading on centralised exchanges combined with futures on Hyperliquid.
Several investor types were joining, each in a different share class.
A fully regulated fund would have cost more than the test justified. The client needed a lean structure that still worked with real banks and exchanges.
The Challenge
Cost, exchange acceptance and segregated flows.
01
Exchange Acceptance
The client expected Panama funds to face friction in exchange onboarding.
01
Share Classes
Funds from different investors and classes had to be segregated and routed correctly between investors, fund and exchanges.
From Thesis to Trading
01
Establish the Fund · 2–3 weeks
A Private Investment Fund (PIF) set up in Panama.
02
First Exchange · 1 week
The Bybit account opened within the first week of onboarding.
03
Two More Exchanges · 4 days
The remaining accounts followed shortly after.
04
Banking and Flows · in parallel
Bank account, sub-accounts per share class and a full money-flow model.
05
Investor Toolkit
Templates for investor onboarding, compliance and exits.
What Made the Case Difficult
One structure had to satisfy investors and exchanges at the same time.
01
Panama Private Investment Fund
In plain terms: a Panama Private Investment Fund serves a limited circle of qualified investors. Setup costs and documentation are lighter than for a regulated European fund, which makes it suitable for testing a strategy.
01
Exchange Requirements
Exchanges assess fund jurisdictions differently. What one compliance team approves in days, another questions for weeks. Knowing each exchange's requirements matters.
01
Share Classes
Share classes require segregated funds, sub-accounts and clear allocation rules.
Our Approach
We addressed the client's main concern first.
01
A deliberate choice of vehicle.
A first fund needs a structure to test the thesis on, not a costly regulated vehicle.
02
Onboarding managed by Medici.
Using Medici's contacts at Binance, Bybit and Deribit [[confirm exchange names]], we carried the onboarding process for the client.
03
Money flows defined before the first contribution.
Investor → fund → crypto on the exchange → withdrawal to the investor.
04
Reusable templates.
Investor onboarding, compliance and exit documents for every new investor.
The Outcome
Trading within a month, without overspending on structure.
01
Fund Established
Panama PIF set up in 2–3 weeks, with a full investor document pack.
02
Accounts Open
Three exchange accounts and a bank account, with sub-accounts per investor type and share class.
03
Strategy Live
The client began trading and testing the thesis about a month after the engagement started. [[confirm time to first trade]]
*Timelines depend on the case and on each exchange's review.
Launching a First Fund?
Three points to plan for.
01
A first fund does not need an expensive structure.
It needs one the strategy can be tested on.
01
Jurisdiction concerns reduce when onboarding is managed by someone who knows the exchanges.
Each exchange's requirements matter more than the fund's domicile.
01
Define the money flows before the first investor contributes.
Investors, fund and exchanges need to be connected in advance.
Launching Your First Fund?
Tell us where and what you plan to trade. We will propose a structure proportionate to the test.
Discuss Your Case
