Way I look at it it's an L3 utilizing both L1 & L2 I see both good and bad in this the good it will be a way for newbies to hold bitcoin and not be scammed if the mint is set up by trusted individuals such as meet up founders which I can see each meet up setting up one for members on the other hand this does not allow individuals to hold their own funds taking btc out of their hands... although I see it as a possible stepping stone to a person learning of self custody and taking those steps to secure their wealth. Looking forward to seeing further development of this project.