SatoshiLabs, the creator of the Trezor hardware wallet, has announced the launch of the Vexl Foundation at the BTC Prague conference. A press release shared with Bitcoin Magazine said the foundation aims to restore financial power to individuals and promote personal and financial freedoms. It takes a critical stance against KYC practices and, according to the release, believes that technology should empower individuals rather than control them. 

The Vexl Foundation has also introduced the Financial Tyranny Index (FTI), which measures the extent of statist interventions in the financial space. Initial findings, according to Vexl, reveal high levels of financial state control in Western democracies such as France, Belgium, Canada and the Netherlands.

The Vexl Foundation’s mission is supported by its mobile app, Vexl, which provides a private and secure platform for peer-to-peer Bitcoin transactions without KYC or institutional interference. Lea Petrášová, CEO of Vexl.it, describes it as more than just an application, stating, “It’s the embodiment of our vision for financial autonomy.”

The board of the Vexl Foundation consists of individuals with diverse experiences, including Lea Petrášová, Josef Tětek and Grafton Clark, as well as SatoshiLabs Co-founders Marek Palatinus and Pavol Rusnák. The release stated that they are dedicated to challenging the centralization of control and directing power back to individuals.

The foundation said it welcomes collaboration with organizations and individuals who share the vision of a free and open financial world. With donations and guidance from SatoshiLabs, the Vexl Foundation is aimed at inspiring a shift in the perception and interaction with digital finance.

Marek Slush Palatinus emphasized the need to revisit the principles on which Bitcoin was founded, stating, “The Vexl 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 at https://vexl.foundation.