Former White House economic advisor signs up for blockchain startup

Former Donald Trump advisor Gary Cohn has jumped aboard a new blockchain firm…

by Manoj Sharma for CNR

Former White House Economic Advisor Gary Cohn left the Trump administration in March and has been evading public appearances since then. Re-emerging from his break, Cohn will now join the start-up, Spring Labs, as a blockchain advisor.

The firm that uses blockchain technology to share credit data between banks, Spring Labs, announced the appointment in a press release on Friday. In the interview with Financial Times, Cohn said that the appointment is a “unique opportunity”, along with “an obvious place to take a very, very analog industry and digitize”.

“I have been very interested in blockchain technology for a number of years, and Spring Labs is developing a network that could have profound implications for the financial services sector, among others. I am excited to actively support the Spring Labs team in the development of this important business and network”, Cohn added.

Founded by 20 people, Spring Labs deploys blockchain technology to swap credit and identify data between financial institutions and banks. Transferring sensitive information of consumers such as credit details can cause major issues, but the company says it has well protected the private information of its users and has gained good rapport in the market. According to a report by Pitchbook, the start-up has managed to get $15 million to date in seed funding.

The former president of Goldman Sachs, Cohn, will be joining the advisory board alongside Brian Brooks and Bobby Mehta. During the tenure at President’s office, he was a key player in drafting the Republican tax reform package. Joining Spring Labs, Cohn might open new doors of opportunities for the firm, and the blockchain company has already managed to earn a lot of interest from Wall Street CEOs.

Image: The White House

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