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Economic adviser Gary Cohn is joining blockchain startup Spring Labs

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According to a press release, Cohn, who left his position as White House Economic adviser in March, will join fintech startup Spring Labs, which uses blockchain technology to share credit data between banks.

During his time in the White House, Cohn played a major role in the Trump administration’s tax reform package, which was passed by Congress late last year. Cohn said that since his departure he had been advising private companies in “traditional industries”, though he declined to provide further details.

Cohn said:

“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 technology company with offices in Los Angeles and Chicago and is the core maintainer of the decentralized Spring Network, a blockchain based network that enables financial institutions and data providers to share data and underlying beliefs about credit and identity information. The startup uses blockchain, the technology that underpins cryptocurrencies like bitcoin, to swap credit and identity information between banks and corporations.

Last year, Equifax disclosed that it had suffered a massive data hack in the US, affecting 143 million clients and raising concerns about the safety of customer information.

Blythe Masters, former head of J.P. Morgan global commodities who is now CEO of a blockchain company and Matthew Goetz, Goldman Sachs alumni, who started a cryptocurrency hedge fund are some of the executives that went from Wall Street to blockchain.

Image Credit: Youtube

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