Both, federation is a term used by scammers in the context of Bitcoin, there's no such thing. There are multisigs but that doesn't make custody federated, Liquid for example... you don't know how many parties are needed to collude to rug you. All they need to do is turn off the gateway, or one party could hold several keys in the multisig.

Fedimints themselves, as of recently, aren't even multi-sig. The mutiny incident where people lost access to their sats was from a single member going down.

Just because you are issued shitcoins that represent claims on Bitcoin doesn't mean the Bitcoin is federated, Fedimint tokens are inherently worthless shitcoins with a promise that you might be able to redeem for Bitcoin from a centralized gateway.

The Fedimint developers are Blockstream, purveyors of affinity scams like Liquid they claim to be an L2, and have seemingly burned hundreds of millions in funding that came from god knows where on products that's only function is to obfuscating custodians.

Fedi is a product based on Fedimint, their scamming was even more overt, taking the Blockstream model and attempting to apply to to smaller NGO "communities"