"Wallet is made up of three parts - a mobile “App”, a specialized “Hardware” device, and our backend “Server” - with each controlling one of 3 keys" using a 2 of 3 multi-sig. You know some people do this with unchained capital so they're sort of making that model streamlined.
I don't really like it myself. I mean just take the marketing from Liana wallet: https://twitter.com/raw_avocado/status/1658099154571218949
Gives the user all the power to make all the decisions they want.
I don't know sometimes with these companies I'm reminded of Maralyn Manson. "Some of them wan to abuse you, some of them want to be abused"