Wednesday, 14 November, 2018

Ex-Goldman Sachs President Gary Cohn Joins Blockchain Startup

Bloomberg Bloomberg
Jean Garcia | 16 October, 2018, 03:47

The blockchain space became a little stronger today as former Goldman Sachs president Gary Cohn announced that he had joined the advisory board of distributed ledger technology (DLT) startup Spring Labs.

Adding Cohn, who departed the Trump administration ostensibly in opposition to the President's stance on trade policy, is prominent addition to the growing list of advisors for the Fintech startup.

"When you look at the two challenges Spring Labs has, one is building the technology".

Cohn resigned as director of the US National Economic Council in April, after disagreements with President Trump over trade tariffs. Prior to taking this position, he served as president and chief operating officer at Goldman Sachs for over ten years.

Spring Labs, a venture capital supported start-up, which has offices in Los Angeles and Chicago, is developing a system that enables lenders like banks to share credit with data providers.

In it, the former White House employee says that "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".

Prince Harry and Meghan given some very Australian baby gifts
The Duke and Duchess of Sussex have kicked off their 16-day-tour of Australia and received a toy kangaroo for their unborn child. But when a palace spokesman was asked if Meghan's father Thomas Markle had been told , the reply was "no comment", Mills said.

During his tenure as chief economic advisor to Donald Trump in between 2017-2018, Cohn undertook a variety of responsibility like administering tax reform which came into effect in December 2017.

The company, which has offices in Los Angeles and Chicago, raised almost $15 million in seed-funding, without an ICO in sight. Avant reports it has upwards of 600,000 customers and has originated more than $5 billion in loans on its platform.

The chairman and CEO of Spring Labs, Adam Jiwan, also spoke about the firm's hopes for the future.

Spring Labs is a blockchain-based network based in the United States that has the goal of enabling the exchange of information without sharing underlying source data, according to the release.

Spring Labs raised $14.8 through VC funding earlier this year, but it's still unknown what Cohn's compensation plan includes. We're beyond excited to work with him to execute on our vision to transform how information and data are shared globally across a host of major industries.

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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