This approach is supposed to enhance the security of funds and provide users with total control over their assets and data.
Instead, the assets and personal information are stored on the user's devices while MyEtherWallet provides a wallet address. The platform itself doesn't hold any of the user's money or data.
MyEtherWallet (often referred to as MEW) is a free open-source platform providing a user-friendly interface for creating wallets for Ethereum tokens.