FWIW, that user experience is most likely Coinbase, or something very much like ...

Animats · on Nov 15, 2022

Coinbase still has custody of customer assets, though. That's what has to be either eliminated or insured to avoid trouble.

bredren · on Nov 15, 2022

To avoid what trouble, specifically?

If it’s risk of customer funds mismanagement, coinbase is just not in the same galaxy as the folks who have blown customer trust.

If it’s securing funds, to prevent hacks, CB offers cold storage. Lumps of crypto can be transferred out of their control as needed to manage risk.