Cryptocurrency trading is dominated by centralized exchanges. Vexl It is unique as it’s a peer-topeer application (P2P), which connects Bitcoin users in their networks directly for non-custodial transactions. This app allows users to buy and sell Bitcoins without the need for intermediaries. It emphasizes in-person exchanges of cash, while supporting private fiat transfers between users.
In an interview conducted by Bitcoin Magazine with Viliam Klmarcik (CEO of Vexl), he explained that: “we are an application that helps people to buy and sell Bitcoin directly with each other, without any intermediaries, without KYC. Vexl works without custody, so peer-to-peer, but what’s most important is that it is always within your own community, meaning we are not a global marketplace. We are basically a peer-to-peer notice board where you can connect with your first and second-level connections.”
Vexl is a privacy-focused platform that functions more as an announcement board for your social network than as an exchange. The Vexl app does not escrow Bitcoins and fiat; it also doesn’t store messages or user balances. Trading takes place off-app. All communication is done via encrypted end-toend chats. The app’s website confirms that this design is in line with Vexl’s mission of supporting non-KYC bitcoin acquisitions and local economies. “We do not store any personal information or any of your messages, period.”
Vexl builds user connections on the basis of a “web-of-trust” model. It uses imported phone numbers to build a personal order book. Offers are visible only to first- and second-degree connections—your contacts and their contacts—enhancing liquidity while maintaining high trust through shared social links. It reduces the risk of scams and exposes users to fewer strangers. Usernames are anonymous until both parties reveal their identities. Klamarcik noted, “The biggest difference between Vexel and the other applications is, first of all, its web of trust, which means you don’t trade with users; you trade with people with whom you are connected through real social links.” App privacy features include the hashing of contact information and separating profiles, messages, offers and contacts into small services that are only available on users’ devices.
Vexl’s system requires that you register with your phone number. This serves as a proof of human being to prevent bots, and facilitates contact import. As the website states, privacy concerns are dealt with through encryption and hashing. “Your chats always remain encrypted, while the phone numbers are hashed.” Klamarcik admitted imperfections, but stressed its importance: “The phone numbers are a big topic, and we are aware of that. And it’s not perfect, but also it’s probably the best solution that we have out there to build trust upon that.” The mechanism is used by apps such as Signal and social media sites, in particular to prevent spam and authenticate users.
For users hesitant to import full contacts—particularly in privacy-focused regions like Germany—Vexl offers “clubs,” Often, meetup organizers are the moderators of these curated local groups. The moderator is trusted to manage these groups, which act as public spaces where members are able to see offers but not share them widely. For security purposes, entry requires either a QR code or a single-use code. This gives newcomers traction until they can establish direct connections.
Vexl can be used on either Android and iOSiOS users are subject to restrictions. Apple has claimed that Apple does not allow the App to be officially listed, and it is limited to TestFlight or sideloading for EU users. “reckless behavior” Tinder remains unrestricted in iOS. Android allows for seamless downloads via Google Play and APK, which makes it ideal for unlimited use.
Vexl is a foundation that operates under the non-profit model. It accepts donations and grants in order to maintain its peer-topeer philosophy and privacy. Klamarcik commented on the issue. “From the very beginning, Vexl was intended as a gift to the Bitcoin community: an open-source tool built to help people transact peer-to-peer, without custody, surveillance, or extracting value from users. The project operates as a non-profit with an essential goal in its core – to keep bitcoin usable in everyday life and accessible to anyone, anywhere. Funding through donations and grants allows Vexl to stay focused on building simple, resilient tools for freedom. As an open-source project supported by SatoshiLabs, the creators of the Trezor hardware wallet, Vexl follows a long tradition of building infrastructure first.” Vexl is fully open source Satoshi Labs created the Trezor Hardware Wallet.
Privacy-focused apps that use Bitcoin have been prosecuted for monetizing. “money laundering”. Samourai Wallet founders faced accusations of money laundering, but they were eventually only sentenced to prison for charges related to unlicensed transmissions after facilitating $2 billion transactions using a Bitcoin wallet that was not under their custody. Tornado Cash was sanctioned by the United States in 2022, for similar reasons and for millions of dollars in transactions. The service made money from providing basic financial anonymity to Ethereum users. These two cases demonstrate how government targets privacy-focused organizations.
Looking ahead, Klamarcik signaled expansion: “This year is hopefully going to be the year when we actually go overseas and also focus on markets outside of Europe when it makes sense.”
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Source: bitcoinmagazine.com
