The Panama eXchange

Concept Presentation

Copyright 2018
Ira Miller & Eloy Fisher
All Rights Reserved

Do Not Distribute


Why PTYeX?

It is the right time for a regulated blockchain exchange, and Panama is the right place.

Why Panama?

  1. 100y w/ no central bank
  2. No legal tender law
  3. No capital controls
  4. US Dollar customary
  5. Low barrier to entry

Why Blockchain?

  1. Take real possession of assets in real-time.

  2. Mathematically enforced fairness

  3. Works everywhere in the world

  4. Pennies not $2.5-15 per trade
    (vs latamclear)

Trade Engine

  1. Investors create Orders
  2. PTYeX matches Orders
  3. Payment Networks handle all money.
  4. Repeat over 1000 times per second.


  • PTYeX is over-the-counter, regulated capital exchange
  • PTYeX Foundation governs KYC & Legal Agents
  • KYC Agent must Co-Sign PTYeX Investor ID
  • Legal Agent must Co-Sign Issuer Offers

Case Study

Principal ​Interest Payment
1 1,000.00 (46.72) (207.25)
2 792.75 (46.72) (207.25)
3 585.50 (146.38)
4 439.13 (146.38)
5 292.75 (146.38)
6 146.38 (146.38)

Amortization Schedule

  • Small logistics business
  • Needs $200k
  • Presents KYC & finance details to PeX
  • Requests 1,000 ETH
  • Offers to pay 1.5% compounded yearly rate
  • 6 year term
  • Ethereum is chosen payment network

Balboa Corporation

(Units in ETH)


Eloy Fisher is a lawyer, economist and sociologist. He received his PhD in Macroeconomics, Econometrics and Political Science from the New School for Social Research. He has held various government roles, worked as a consultant for local and international companies and taught in universities in Panama and in the US. He is currently partner (on leave) at the AguaClara | AIH Capital | LatinConsulting Consortium.

Ira Miller is a computer programmer and currently serves as the Chief Scientist of guld, a next generation blockchain platform called a “blocktree”. Since discovering Bitcoin in 2010, Mr. Miller has dedicated all his time to open source platform development, setting up his first pilot project in 2011. He Co-founded Coinapult in 2012, selling the company in 2015 to a Panamanian MSB.

More Info

  1. Visit

  2. Decrypt with password "p2panama"

  3. Read full paper

The Panama eXchange (PTYeX)

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The Panama eXchange (PTYeX)

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