Yup.

The idea is to have trusted second parties hold the keys and manage the services for you. I trust my pastor more than I trust some faceless corporation. Similar trust relationships are more prevalent outside the western world. Trust and reputation is critical to functioning in some societies so risk for rug pull from your local federation is low. In the west, even the locals are hard to trust for some communities. But me and da bois might get together and run one for our families and close friends.