Sir, that’s a custodian. Banking with extra steps.
Privacy. You can read up here. https://fedimint.org/
It's worth the effort to study.
If you would rather watch a 7 minute video (lacks details IMO and may make things more confusing if you don't have the basics) here it is.
Discussion
Okay, you can look at it that way. But it's decentralized, community based - it's not centrally controlled and it's also private.
When you say 'custodian' it would imply central control.
Adding this. Also, left out the coming self custody - which could be a monster addition allowing world access to self custody of #Bitcoin (as we all know all 8 billion people can't self custody on chain). 