Published: Tue, October 16, 2018
Finance | By Loren Pratt

Ex-Goldman Sachs President Gary Cohn Joins Blockchain Startup

Ex-Goldman Sachs President Gary Cohn Joins Blockchain Startup

Cohn echoed that sentiment in an interview with the Financial Times on October 12 saying his goal is to help Spring Labs get their new technology accepted and adopted.

A press release affirms that Cohn is now joining Spring Labs, which is working to develop a blockchain network to share financial data.

Gary Cohn, known for being the former chief economic advisor of the U. S. President Donald Trump during his government, has chose to leave the public sector and start working in the blockchain business. "I am excited to actively support the Spring Labs team in the development of this important business and network". He resigned from the post of the director of National Economic Council during March of this year since he could not agree to the steel and aluminum tariff planned by President Donald Trump.

The advisory board includes Bobby Mehta, the former chief executive of Transunion Corp., Brian Brooks, chief legal officer of cryptocurrency exchange Coinbase Inc., Sheila Bair, former chair of the U.S. Federal Deposit Insurance Corp., and Nigel Morris, co-founder and former president of Capital One.

Spring Labs was founded by members of the founding team and board of Avant, a lending platform and technology company that has served over 600,000 customers and originated over $5 billion of loans on its platform.

On taking the position, Cohn received an undisclosed amount of equity in the company. The initial use case for the Spring Protocol will facilitate the exchange of identity, fraud, and risk/underwriting information among financial institutions to create a more efficient, transparent, and secure ecosystem for consumer financial data than the one that exists today.

The CEO and chairman of the blockchain startup, Adam Jiwan, has affirmed that Cohn brings with him a wealth of experience in the financial sector and a deep understanding of the global financial market.

Spring Labs already has $15M in startup funding, according to data from Crunchbase, and Jiwan said the company does not plan to utilize an ICO for additional funding, though they "might deploy a digital asset".

Earlier this year, Spring Labs wrapped a $14.75 million seed fundraising round.

Jiwan also hinted that Spring Labs will have more upcoming news, including "some public announcements regarding the development of the network and partnerships in the coming months".

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