Yep, it's a bank, about as KYC'd as you can get.

Until you can buy your weekly shop and Lambos with BTC, we have to use the existing system.

It's a hybrid model that will be needed for a few years yet, unless you live in El Salvador.

Funny story, however, the app is so bad, I couldn't enter my postal address in correctly, so I KYC'd with the error and now they think I live in a fictitious location 😂