Company Name Vexl
Founders: Lea Petrášová, Marek Palatinus and Pavol Rusnak
Date of Founded June 2022
The location of the headquarters: Prague, Czech Republic
The amount of Bitcoin held in Treasury Most of the treasury’s money is in bitcoin
No. of Employees Five full-time and five part-time/volunteer employees
Website: https://vexl.it/
Public or private? The Private Sector
Lea Petrášová is a cypherpunk at heart with over 10 years of experience in the world of software development.
She was the perfect person to create VexlThe app is an open source that allows for private, peer-to-peer Bitcoin transactions.
With Vexl, Petrášová and the team from SatoshiLabs (well-known for creating Trezor hardware wallets) created what Petrášová terms a “social network” This app connects Bitcoin buyers and sellers using the contact information on their phones as well the contacts of those contacts. Vexl’s service is free and the users can communicate privately.
Petrášová and the team at Vexl are on a mission to enable people to use Bitcoin the way it was intended to be used — without KYC, privately and without third-party intermediaries involved in the process.
We spoke with Petrášová to get more details on Vexl’s mission.
Frank Corva Tell us more about Vexl.
Lea Petrášová: Without the ability to conduct transactions, we believe we are deprived of all other rights. Bitcoin is the key to unlocking a system of financial transactions that are not oppressive and exploitative.
To serve its purpose it must not be connected to any individual. Our users can buy and sell bitcoins peer-to-peer, without KYC. This is a private option that’s also easy to use, secure, accessible, and user-friendly.
Corva: Before Vexl, what were you doing?
Petrášová: In the past, I was a project coordinator for a venture capital fund which also operated as software house. I started a company in 2018 that focused solely on DeFi and web3 development. After selling my company, I decided that while the academic projects were interesting, I would rather dedicate all of my energy to Bitcoin.
Corva: What inspired you to get involved with Vexl?
Petrášová: It was a long-brewing idea. SlushSince a few decades,’s (cofounder of SatoshiLabs Trezor Vexl, Vexl, and SatoshiLabs) thoughts. ‘s (co-founder of SatoshiLabs, Trezor, Vexl) mind for a few years.
He reached out to me when he learned that I recently finished my last job and offered what was later Vexl. In essence, this meant he wanted to give me the chance of taking on executive management for the project. I did not hesitate for even a moment.
Corva: Vexl appears to be embracing much of bitcoin’s ethos. This app allows peer-to-peer trades, doesn’t need much KYC to use and is open source. It was important to you that it be designed this way.
Petrášová: We are not only Bitcoiners.
Vexl is a solution to our own problem. We wanted to be able buy and sell Bitcoin without KYC fees, excessive charges, or any significant safety or security risks.
It was impossible to design a software product that we would not use. There was never any debate about the nature of the software—we knew from day one it had to be open source, KYC-free, and peer-to-peer.
But we have spent many hours researching and balancing all the factors. “trilemma” Usability, privacy, and security are all important.
Corva: What has it been like to work with Pavol Rusnák, a legend in the bitcoin/crypto wallet space?
Petrášová: Humbling. You can ask him any question and get an original response. It is truly impressive to see the breadth of his interests and knowledge. But he treats people and his projects with kindness and respect. And he has a wonderful sense of humor. It’s inspiring.
Corva: Vexl will not be monetized. Why?
Petrášová: We are committed to providing as much accessibility as we can.
Corva: If you do not make money from Vexl, how will it continue to exist?
Petrášová: Our funding comes directly from donations and grants. Everyone who helped Vexl become a successful company has my gratitude and respect. Open source allows me to have faith that if we ever fail, someone will continue where we left.
Corva: Vexl can be described as a messaging application that connects sellers and buyers to conduct transactions between them, similar to what LocalBitcoins was. What made you decide to create this now?
Petrášová: It was a clear need. Think about it — Bitcoin is currently the 6th largest monetary asset, aspiring to become a global, universal store of value.
Through third parties, including financial institutions, governments can build registries that list bitcoin owners. The government could then censor, prosecute, tax, control, compromise, or outlaw these individuals.
Bitcoin is less able to serve as a value store independent from state control if the identities of users are known. This was our first motivation.
We also had a more pragmatic motivation: I did not have an alternative to orange-pelting someone who I refused to send to an exchange. The only options I had were to sell my bitcoins or go through the lengthy process of finding someone else willing to do so.
Please don’t misunderstand me, I love platforms such as LocalBitcoins. I’m not a fan of this option, as I have never used KYC to buy bitcoin or been registered at an exchange.
Corva: What makes Vexl different from similar P2P applications like Hodl Hodl and Bisq?
Petrášová: First of all, since we are a nonprofit, we have a totally different operating environment. I do not see the other solutions as competitors, but rather as complementary.
Vexl’s reputation model is the true innovation. Our marketplace only allows you to view anonymized ads from people who are your friends or their friends. You won’t be able to identify the other party until they reveal their identities. But you can still see how many contacts you have in common and then ask those individuals for a recommendation.
This allows you to better assess the individual risk of the counterparty, which is nearly impossible when you’re connecting two strangers from opposite sides of the world — not to mention, it can be downright dangerous if you’re using a fiat wire transfer for settlement.
When you think about it carefully, we’ve managed to translate a real world reputation into an application. And this social aspect — human interactions and experience — can’t be replaced by any technology. Vexl has no escrow or fees and you don’t need bitcoin to sign up.
Finally, our experience with users is something I am particularly proud of. I asked myself this question over and over again while creating Vexl. “Could my aunt use this without a hitch?” This mindset shaped the UI and it is far more intuitive than any other UI.
Corva: Why doesn’t Vexl push for the decentralization its backend?
Petrášová: As a nonprofit, we run very lean. When we’re a small group, it is important to consider what priority to give.
Although we will focus more on decentralizing our backend in the future, at the moment there are many other urgent app improvements that need to be addressed.
Vexl already has a decentralized political system. Anybody who does not want to be dependent on my decision can take the code they have created and change it in any way that suits them.
Corva: What is the purpose of Vexl asking for phone numbers
Petrášová: Vexl, when zoomed out, is a social networking. Everyone who’s ever built one will admit that it is a very difficult process. Then we decided to take a new route. Why not build a network on top of one that already exists? Then came the even more difficult question: which one?
It was important to us that we chose something which would not be going anywhere anytime soon, and is widely used around the globe.
We knew the answer: contact lists and phone numbers. The next step was to figure out how to keep them secure and private while using them.
Corva: Are you expecting a mass Vexl adoption or are you assuming that the average user will choose to go through a Kraken-regulated exchange because it is more convenient for them?
Petrášová: My answer to the question of what is my biggest fear as the CEO a Bitcoin firm is “always “ignorance.” Financial freedom is often overlooked until it is too late.
Nothing is more effective marketing than the financial system we have today becoming unusable, and commerce increasing permissioned. This perspective would make it a wonderful world if Vexl tools were to become obsolete.
Vexl is a product that cannot be undone. It may be used to facilitate peer-to-peer Bitcoin transactions. You could use it in the gig or bitcoin economy.
We have been introducing categories in the marketplaceWe’ve witnessed a boom in circular economies. I’m building Vexl for everyone who has the courage to claim their financial sovereignty — even if it only serves a small community of users.
Corva: What regions have you seen the highest adoption of the app? Why do people in those regions adopt it, according to you?
Petrášová: Our users mostly come from Slovakia and the Czech Republic. The success of our service is largely due to the economic isolation these countries experienced during the communist era. It is not new for people to hedge against oppression through stronger currencies, and participate in the grey economy. SatoshiLabs also helped us tremendously during our launch. This was especially true in Slovakia, and Czech Republic. SatoshiLabs are well known and highly respected.
In addition to the UK and Germany, we have seen significant growth through our meetup groups. Recently, it has been great to see Vexl local initiatives flourish in African countries.
Corva: What next for Vexl
Petrášová: We were able to rewrite the backend of our website, which was a significant obstacle for the future. The summer allowed us to make a number of changes to our social network, which had been on the roadmap for quite some time.
A major part of the education program is to educate people about non-KYC bitcoin. The fact that many users do not realize what they are paying for when providing their personal information to financial institutions is alarming.
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Source: bitcoinmagazine.com
