no not at all. check out this blog to learn how it's different

https://blog.vexl.it/understanding-vexl-security-privacy-and-building-a-web-of-trust-867710d4a6fe

it's web of trust based. this is how it works https://blog.vexl.it/how-to-do-peer-to-peer-trading-on-vexl-6745f3954ae9