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satoshi labsThe creator of the Trezor hardware wallet announced the launch of the Vexl Foundation at the BTC Prague conference. A press release shared with Bitcoin Magazine states that the foundation aims to restore financial power to individuals and promote personal and financial freedom. It takes a critical stand against KYC practices and believes that technology should empower individuals rather than restrain them, according to the release.
Vexl Foundation has also introduced financial victimization index (FTI), which measures the extent of statistical interference in the financial space. The preliminary findings reveal high levels of financial state control in Western democracies such as France, Belgium, Canada and the Netherlands, according to Vexl.
The mission of Vexl Foundation is supported by its mobile app, vexel, which provides a private and secure platform for peer-to-peer bitcoin transactions without KYC or institutional intervention. Describing it as more than just an application, Lee Petrasova, CEO of Vexl.it, said, “It is the embodiment of our vision for financial autonomy.”
The Vexl Foundation’s board is comprised of individuals with diverse backgrounds, including Lea Petrašová, Joseph Tětek and Grafton Clark, as well as SatoshiLabs co-founders Marek Palatinus and Pavol Rusnák. The release states that they are dedicated to challenging the centralization of control and directing power back to individuals.
The Foundation said it welcomes cooperation from organizations and individuals who share a vision of a free and open financial world. With donations and guidance from SatoshiLabs, the Vexl Foundation aims to inspire a change in the perception and conversation around digital finance.
Marek Slush Palatinus stressed the need to revisit the principles on which bitcoin was founded, stating, “The VXL Foundation is our step towards that change.”
To learn more about the Vexl Foundation and its initiatives, interested parties are encouraged to visit their website https://vexl.foundation,
