With my few minute's research on the project the user of the incognito wallet is to shield their coin to obtain the privacy coin pBTC, pETH anonymous coin which will be provided by the team and can be can swap or redeem into for clean or neutral BTC, ETH anytime before sending.
I don't like services which try to push us their own coins
There is a risk involved in operations using newly created coins/tokens.
You're right about that cause the project is still new but there's a long existing and reputable mixing company that operate almost the way OP incognito wallet works.
This brought back the question i ought to ask the OP before, i would like to know if the wallet owner are also the holder wallet private information