Vexl - info bitcoin

Vexl is a Czech-based mobile application for peer-to-peer (P2P) Bitcoin trading, enabling users to buy and sell Bitcoin without Know Your Customer (KYC) verification. Launched in 2022 under the auspices of Vexl s.r.o. and the Vexl Foundation, based in Prague, the platform is supported by SatoshiLabs, the creator of Trezor hardware wallets. The service emphasizes privacy, security, and financial freedom. It is open-source, does not store personal data or messages, and leverages a social network of contacts to build trust between traders. As of 2025, the app has over 10,000 users and operates primarily in Europe, with expansion into Africa and other regions.

History

The platform was introduced in 2022 as a project of SatoshiLabs, founded by Marek “Slush” Palatinus and Pavol Rusnák. The idea for a KYC-free P2P platform was proposed by Slush in response to increasing regulatory pressure on cryptocurrency exchanges. Development was led by Lea Petrášová, CEO of Vexl s.r.o., driven by a commitment to privacy and cypherpunk ideals. In 2023, the Vexl Foundation was established as a non-profit to promote financial freedom and educate users about P2P Bitcoin trading. That same year, the service introduced the Financial Tyranny Index (FTI), which measures the extent of government interference in financial freedom in countries like France and the Netherlands.

In mid-2024, the app underwent a backend rewrite, enabling new features and an improved user interface. It received a grant from OpenSats, supporting its mission to expand KYC-free P2P trading. The platform gained popularity at Bitcoin meetups across Europe and began expanding into African communities in 2024.

Services

The app, available on iOS and Android, offers the following features:

Peer-to-Peer Trading

Users can browse anonymous offers to buy or sell Bitcoin from their contacts or friends of contacts (social graph).
Trades occur directly between users without an intermediary. The platform does not hold Bitcoin or process payments.
Offers can be filtered by preferences such as location, payment method, or price, which is set by the seller in the offer description.

Privacy and Anonymity

User identities remain hidden until voluntarily disclosed. Each trade uses a unique profile to enhance privacy.
Phone contacts are encrypted and inaccessible to the platform’s operators.
Communication occurs via end-to-end encrypted chat, accessible only to trading parties.

Social Network

The platform uses a social graph (contacts and their friends) to foster trust. Users can see the number of mutual contacts with a counterparty, enhancing credibility.
New users without contacts can request an invitation via email (support@vexl.it) or through Bitcoin meetups.

Additional Features

Club: A feature for community trading, connecting users with similar interests.
Educational Content: The platform offers podcasts, videos, and posts on YouTube and Nostr, explaining the importance of P2P trading and privacy.

Fees

No Fees: The app does not charge fees for facilitating trades, as it serves only as a connection platform.
Network Fees: Users pay standard blockchain transaction fees when transferring Bitcoin, depending on network congestion.

Security and Regulation

Open-Source: The app’s code is publicly available on GitHub, allowing the community to verify its security and identify vulnerabilities.
Security Audits: The platform undergoes regular independent audits, with results published, confirming the absence of backdoors.
Encryption: Contacts and messages are end-to-end encrypted, and no personal data or messages are stored by the operator.
Regulation: As a non-custodial platform (not holding user funds), it does not require KYC, aligning with its financial freedom philosophy. The Vexl Foundation is registered in the Czech Republic (ID: 19314299) and complies with Czech laws.

Advantages

Privacy: No KYC and encrypted communication ensure high anonymity.
P2P Trading: Direct trades without intermediaries reduce costs and risks associated with centralized exchanges.
Trust: The social graph enables trading with contacts connected through mutual friends.
Open-Source: Transparent code and audits build user trust.
Community Support: Active participation in Bitcoin meetups and educational initiatives across Europe.

Disadvantages

Limited Functionality: The platform does not display market Bitcoin prices, which are set by sellers, which may be inconvenient.
Contact Dependency: New users without contacts may face limited offer availability.
Scam Risk: Despite the social graph, there is a risk of fraud, as the platform does not intervene in trades. Users must exercise caution.
Limited Reach: Primarily focused on Europe, which may restrict its use in other regions.

User Experience

Users praise the app’s simplicity, lack of KYC, and ability to trade with trusted contacts. European Bitcoin meetup attendees value the platform for facilitating connections and offers. The Italian community on the X platform highlights the “Club” feature as “smart and useful” for P2P trading.

Criticism includes limited offers for new users without contacts and the absence of market price displays. Some users emphasize the need for caution due to potential scams. A notable user story describes transitioning from a KYC exchange to this platform, building contacts at meetups, and securing a job paid in Bitcoin.

Current Developments

In 2025, the app surpassed 10,000 users, celebrated with a merchandise giveaway on the X platform. It is expanding into African communities, supporting local initiatives. In July 2025, it reported Bitcoin’s new all-time high of $122,000 and continues to educate users about KYC-free P2P trading. The platform is active on YouTube and Nostr, sharing news and product demos.

Future

The platform plans to enhance its user interface, add advanced offer filters, and potentially support additional cryptocurrencies. The Vexl Foundation aims to expand into Africa and promote financial freedom education. Further workshops and collaborations with communities, such as SatoshiSpritz in Italy, are planned.