From Trump to blockchain: Gary Cohn signs on with Spring Labs

Lloyd Doyle
October 16, 2018

Former U.S. National Economic Council Director Gary Cohn has joined Marina del Rey-based blockchain startup Spring Labs' board of advisors. Prior to taking this position, he served as president and chief operating officer at Goldman Sachs for over ten years.

Spring Labs is building a "decentralized network for identity and credit" to provide a more secure and transparent platform for the financial services industry.

In March 2018 Spring Labs raised $14.8 million in a round led by Menlo Park-based August Capital Corp., along with Cambridge, Mass., investment firm GreatPoint Ventures and Multicoin Capital Management, based in Austin, Texas, to construct the Spring Protocol, a way for lenders, data providers and banks to securely exchange data through a blockchain network.

As the chief economic advisor to President Trump, he oversaw the administration's economic policy agenda at home and overseas, and led its efforts to grow the US economy through tax and regulatory reform.

"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", explained Cohn.

Spring Labs, which has offices in Los Angeles and Chicago has a 20-person team and was founded by the founding team and board of Avant, which has a major experience in the lending and finance sectors, having provided $5 Billion worth of loan via their platform to over 600,000 people.

Besides appointing Cohn as its board advisor, Spring Labs is actively attracting certain industry veteran namely Brian Brooks, a Chief Legal Officer working at one of the renowned crypto exchanges - Coinbase by appointing him as its advisory board. Initially, the network is planned to allow sharing of identity, fraud and underwriting information among financial institutions.

The chairman and CEO of Spring Labs, Adam Jiwan, also spoke about the firm's hopes for the future. Re-emerging from his break, Cohn will now join the start-up, Spring Labs, as a blockchain advisor.

Spring Labs, founded just previous year, has almost $15 million in seed funding, according to Crunchbase. "We're also looking forward to making some public announcements regarding the development of the network and partnerships in the coming months".

Other reports by Iphone Fresh

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