Former White House Economic Advisor Joins A Blockchain Startup Spring Labs As Advisor

Gary Cohn, Former White House economic advisor left the Trump administration in March and has been evading public appearances since then. Re-emerging from his break, Cohn will now join start-up Spring Labs, a  blockchain firm as an advisor. The firm that uses blockchain technology to share credit data between banks announced the new appointment in a press release on Friday.

Speaking to the  Financial Times, the former president of  Goldman Sachs called the appointment a “unique opportunity,” along with “an obvious place to take a very, very analog industry and digitize.” Cohn said in the press release:

“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.”

Spring labs is a 20-person start-up uses blockchain technology to swap credit and identity information between banks and corporations. Transferring consumer credit information is a sensitive information and its leak can cause major issues, something on the lines with  Equifax faced when earlier this year it was hacked, unveiling the private information of 143 million Americans.

According to Pitchbook, the company has managed to  $15 million to date in seed funding. Cohn will be joining the advisory board alongside Bobby Mehta, former CEO of Transunion, and Brian Brooks, the chief legal officer at cryptocurrency company Coinbase.

While cryptocurrency isn’t able to form a reputation with the Wall Street CEOs, the underlying technology, blockchain has managed to earn quite a lot of interest. While some compare the technology to the potential of the internet, while others continue to mistrust the platform.

Read more: India’s Prime Minister Narendra Modi Appraises Blockchain Technology, AI & ML