Former Economic advisor to President Trump, Gary Cohn has joined the Spring Labs’ board of advisors, Just over six months after leaving the White House.
Gary Cohn was a Former Advisor to President Trump
Gary Cohn who was the Former President of Goldman Sachs and once an advisor to president Trump has made an announcement that he will be joining the advisory board of the blockchain based startup, Spring Labs. The company deals in making use of Blockchain technology to change the way banks share credit data.
Spring Labs
Spring Labs which is based in the USA and has offices in Los Angeles and Chicago can be described as a startup building a decentralized network for identity and credit to serve as the foundation for a more transparent, secure, and efficient delivery of financial services. They are currently working on a blockchain solution to decentralize identity and credit information. Their solution aims to be more secure and efficient than current centralised options. Through it, startup asserts, lenders, consumers, and financial institutions will have better control of their data and added security than they do with the current credit reporting system which relies on three main credit bureau.
Gary Cohn Disagreed With Trump
Gary Cohn who left his position as the Director of the National Economic Council back in March of this year when he could not agree to President Trump’s steel and aluminium tariff plans said that he has explored several opportunities in the Blockchain technology sector since leaving the White House said that he is less enthusiastic about cryptocurrencies such as Bitcoin.
He made this known in his statements 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”.
He, however, called attention to other numerous possible applications of Blockchain including smart contracts and currency settlements, describing it as ‘huge new invention’.
He stated that:
“we all know all the inefficiencies of the existing currency world and blockchain clearly helps to eliminate them at some point in the future.”
Other notable advisors for Spring Labs include former TransUnion Executive, Bobby Mehta And Coin Base Chief Legal Officer, Brian Brooks.