News

Report: Coinbase Employs Amazon Web Services Expert to Develop Staking Solutions

News

Major United States crypto exchange and wallet service provider Coinbase has reportedly hired a
veteran of Amazon Web Services to develop staking and governance solutions for its crypto custodial
services. The news was reported by The Block on March 4.
Citing an alleged internal memo, the report claims that Luke Youngblood formerly a principal solutions
architect at AWS has been hired to develop new staking and governance products, thаt was rероrtеd
“оffеr Coinbase Cuѕtоdу users with thе сараbіlіtу tо rеlаtе effortlessly with сrурtо-nеtwоrkѕ whіlе
supporting thе utmоѕt ѕесurіtу оf thеіr assets in thеіr Custody.”
As of press time, Youngblood’s LinkedIn profile has not been updated to reflect the new reported
appointment.

Again omitted from his LinkedIn, Youngblood is also reportedly the founder and chief technical officer
(CTO) of crypto firm Blockscale, as well as being apparently involved in Tezos meetups and the Tezos
Stack Exchange, a Q&A forum for the Tezos blockchain project.
There, a user registered as Luke Youngblood responded to questions related to Tezos’ “baking” system,
which allows token holders to delegate their staked funds to a “baker” to generate block rewards.
As previously reported, staking solutions more broadly refer to mechanisms whereby proof-of-stake
(PoS) investors have the potential to earn a form of “interest” on their holdings.
This actually works by investors dropping tokens as collateral (“staking) in a digital purse or wallet,
which functions as a node that engages in a competition to validate blocks on the network. Unlike proof-
of-work (PoW), which uses mining, some have argued that such PoS systems can thus provide
participants with an alternative source of revenue amid the crypto market slump.
At press time, neither Coinbase nor Tezos have responded to Cointelegraph’s request for comment.
Last month, Coinbase CEO and co-founder Brian Armstrong outlined what he thought to be four
common misconceptions about crypto custody solutions, particularly in regard to (PoS)-based
cryptocurrencies such as Tezos, as well as hot and cold wallet storage systems.

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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