You receive an NFC-enabled card that holds an encrypted version of your wallet private key. Our servers don't store the key. When you make transactions, you tap your Proxy Card against your phone to submit your private key and send the transaction.
That's it! It means your account can never be hacked or stolen, but gives you a physical secure card to store your wallet. Combine this with our merchant services, and you can use your Proxy Card to shop online and in partnered physical stores to spend your ETH or ERC-20 Coin.
Correct, that is the multifactor step.