Exactly right. If you trust someone you trust someone. By the way our clients sign terms of service agreement directly with a qualified trust company. For them it is a first party agreement, not a third party agreement. So you either trust a bitcoin startup that they’ve done all the right things, or you trust a qualified custodian, which has much more proof of work (soc2, billions in custody, track record, legal
framework for segregation of client funds, etc).