Coinbase Grabs Luke Youngblood from AWS to Create New ‘Mining 2.0’ Staking And Governance Solutions
The largest crypto exchange in the United States, Coinbase, has decided to hire Luke Youngblood in order to create both governance and staking solutions for the company. The announcement was made on a memo which was sent out to the clients last week and reported today by The Block Crypto.
Youngblood worked as the main solutions architect at Amazon Web Services before he started to work on Coinbase. According to the memo, he will lead the team that will devise new solutions for the clients. These products will be aimed at making Coinbase Custody better and giving its clients the ability to interact with crypto-networks while maintaining their security intact.
As reported by The Block, mining 2.0 solutions and strategies are getting very popular lately and many crypto hedge funds are starting to use them. As the bear market continues, companies have to find ways to diversify their crypto investments in order to achieve better results.
By using this new set of strategies, companies aim to be more active while participating in crypto networks, which include services like staking tokens and providing validation or services and resources.
This new executive seems to be the right person for the job, then, as he is experienced in having similar positions before, mostly while he worked at Amazon for almost three full years. Before that, he also worked in the crypto company Tezos. He also was the founder and CEO of a crypto company called Blockscale, which was considered to be an early pioneer in the crypto world.
With so much experience in this area, Youngblood has helped the Tezos Foundation to become a largely decentralized proof of stake validator in a short period of time, which is the kind of skill that interests Coinbase.
Staking, in case you are not familiar with the term, is when, instead of mining, in which you use your computational power to mine tokens, you support the network by staking the tokens you already have, something that large token holders can use to get financial benefits, as they hold enormous amounts of money.