Former White House economic advisor signs up for blockchain startup

Former White House economic advisor signs up for blockchain startup

He resigned in March after objecting to President Trump's plans for steel and aluminum tariffs.

Gary Cohn, known for being the former chief economic advisor of the U. S. President Donald Trump during his government, has made a decision to leave the public sector and start working in the blockchain business. Prior to taking this position, he served as president and chief operating officer at Goldman Sachs for over ten years.

According to information on its website, Spring Labs is building a "decentralized network for identity and credit to serve as the foundation for a more transparent, secure, and efficient delivery of financial services".

A press release affirms that Cohn is now joining Spring Labs, which is working to develop a blockchain network to share financial data. Finally, he opined that Spring Labs might "ultimately... replace the credit bureaus you see today".

The company is called Spring Labs, and is located in Southern California, where it's using blockchain technology to securely transfer people's credit data. Initially, the network is planned to allow sharing of identity, fraud and underwriting information among financial institutions.

Regarding Cohn's addition to Spring Labs' board, Jiwan said in a statement, "Gary brings a wealth of experience in understanding the complexities of the global financial markets and an unparalleled network".

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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.

"We're beyond excited to work with [Cohn] to execute on our vision to transform how information and data are shared globally across a host of major industries", said Jiwan.

The company, which has offices in Los Angeles and Chicago, raised almost $15 million in seed-funding, without an ICO in sight.

The company has managed to raise $15 million through seed funding; its board includes such high-profile figures as Bobby Mehta, former CEO of Transunion, and chief legal officer at cryptocurrency company Coinbase Brian Brooks.

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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