It's a gimmick meant to give people a false sense of security. If Bitwala really cared about giving the control back to the people, they would offer a service far different from their current business model.

People need to look through this, and definitely not get hyped up because it looks like they will contribute to more adoption. I'm not against centralized services in general, but this is purely them deceiving the ignorant joes.

People first say f-you to banks, then welcome them just because they do something with Bitcoin or other cryptos. By the same logic it means that when the legacy banks adopt Bitcoin, they suddenly become good guys.