The foundation of the Web3 ecosystem is the wallet, an app or browser extension that lets users verify their web identities and authorize transactions. But using a wallet has always involved a steep learning curve. New users must learn to copy down their seed words and store them in a safe place, create a strong password to encrypt their keystore file, copy addresses accurately when sending funds, and other things they may never have to learn when using a Web2 app.
If a new user wants to make onboarding more accessible, one option is to use a custodial wallet provider, such as a centralized exchange. But experienced crypto users will almost always caution them against this for a good reason. The world has witnessed centralized exchanges like Mt. Gox, QuadrigaX and FTX go bankrupt from hacks or outright fraud, causing some customers to lose all their funds due to using a custodial wallet.