Gary Cohn, former president and COO of Goldman Sachs, has officially joined the advisory board of blockchain startup Spring Labs. But what is Spring Labs and what does Gary Cohn’s involvement mean for blockchain?
This follows Cohn’s well-publicized transition from the White House, where he worked as Chief Economic Advisor to Donald Trump, back to the finance.
What Is Spring Labs And What Do They Do?
Spring Labs is a Los Angeles-based blockchain company that uses a decentralized network to safely store credit and identity information. Though a blockchain platform, they hope to achieve impenetrable security, scalability, and full transparency in the data sharing process.
Specifically, Spring Labs aims to change the way that banks share credit data by making it more transparent, efficient, and secure. They strive to offer an alternative to traditional banking and identity services for both institutions and individuals.
Big news from the Spring Labs Team! Check out our official press release on Medium. https://t.co/I8tjC3Ubmb
— Spring Labs (@SpringLabsMain) March 28, 2018
In early 2018, Spring Labs received $14.75 million in financing, according to their Twitter. Gary Cohn is not the only famous member of this startup’s advisory board. Nigel Morris, co-founder of Capital One Bank, and other key players in the world of finance are also part of the team.
Another Notable Shift For Gary Cohn
Gary Cohn stepped down from his role as National Economic Council Director earlier in 2018. He resigned due to a disagreement with Donald Trump regarding aluminum and steel tariffs, according to the New York Times.
After staying out of the spotlight since March, Cohn announced his involvement with Spring Labs. Cohn also holds an undisclosed amount of equity in the startup. More broadly, Cohn has, reportedly, been interested in blockchain technology for quite some time.
Gary Cohn’s move into the world of blockchain startups has surprised many. One could understand it is as foreshadowing future blockchain applications in the finance sector. In 2017, many of the top blockchain patent owners were financial services companies. And some of the world’s largest corporations, including Walmart, are building blockchain platforms.