Vexl Launches Peer-to-Peer Bitcoin Exchange App

Vexl has introduced a peer-to-peer application designed to connect Bitcoin users within their personal networks for direct, non-custodial trades. The platform facilitates buying and selling Bitcoin without intermediaries, emphasizing in-person meetings for cash exchanges while also supporting private fiat transfers.

Unlike global marketplaces, Vexl operates as a high-trust notice board where interactions occur strictly within a user's own community. The app does not escrow Bitcoin or fiat, nor does it hold user funds or store balances, messages, or personal data. All communications occur via end-to-end encrypted chats, and trades happen off-app, placing the responsibility of verification on the users themselves.

Vexl prioritizes privacy by functioning as a notice board within a user's personal social network rather than a traditional exchange. The platform builds user connections on a web-of-trust model, drawing from imported phone contacts to create a personalized order book. Offers are visible only to first- and second-degree connections—meaning a user's direct contacts and the contacts of those connections—enhancing liquidity while maintaining high trust through shared social links.

This design limits exposure to strangers, thereby reducing the risk of scams. Usernames remain anonymous until users mutually reveal their identities. As noted by the company's CEO, the biggest difference between this application and others is the web of trust, which ensures users trade with people connected through real social links rather than anonymous strangers.

To enable this system, Vexl requires a phone number for registration. This serves as proof of humanity to deter bots and facilitates the import of contacts. Privacy concerns are addressed through encryption and hashing; the platform affirms that chats remain encrypted while phone numbers are hashed. While the CEO acknowledges that phone numbers are not a perfect solution, they are considered the best available method to build trust.

The architecture of Vexl is designed to ensure no centralized database exists. Privacy measures include hashing contact data and separating components like profiles, chats, offers, and contacts into microservices that converge only on the user's device. The platform explicitly states that it does not store any personal information or messages.

For users hesitant to import full contacts, particularly in privacy-focused regions like Germany, Vexl offers "clubs." These are curated groups managed by local moderators, often meetup organizers. Clubs act as public rooms where members can view offers without broad network sharing, though trust shifts to the moderator. Entry requires a one-time code or QR scan, which is regenerable for security.

Vexl is available on both Android and iOS, though access differs between the two operating systems. Android users can download the app seamlessly via Google Play or APK files, making it the optimal platform for unrestricted use.

iOS users, however, face restrictions. The app is not officially listed on the App Store due to Apple's claims of "reckless behavior" regarding the encouragement of in-person trades. Consequently, iOS access is limited to TestFlight beta slots or sideloading within the European Union.

Vexl operates under a non-profit foundation model, accepting donations and grants to preserve its privacy and peer-to-peer ethos. The project is fully open source and is a project by SatoshiLabs, the creators of the Trezor hardware wallet. The non-profit model is intended to prevent the data collection business models often associated with for-profit entities.

This structure is viewed as a safeguard in a regulatory environment where privacy-focused Bitcoin applications have faced legal challenges. Recent cases involving other non-custodial wallets have highlighted how privacy-focused entities are being targeted by governments, often facing accusations related to money laundering or unlicensed money transmission. Vexl aims to provide a resilient tool for freedom while keeping Bitcoin usable in everyday life.