Former Trump Aide Joins Blockchain Firm
Cohn resigned from the White House after opposing tax proposals by President Donald Trump. The former economic aide to Trump is believed to own a stake in Spring Labs firm.
Gray Cohn Joins Spring Labs After Stepping Down From Trump Administration
Gary Cohn will now serve as an adviser to Spring Labs. The firm is a blockchain startup. Cohn is a former aide to US President Donald Trump on economics. He also served as the head of Goldman Sachs Group.
This is the first high profile job for Cohn after stepping down from President Trump’s staff. He resigned after Trump imposed tariffs on key metals, a move opposed by Cohn. While serving under Trump, Cohn will be remembered as the person who assisted in pushing for the tax proposals by Trump.
A look at the Spring Lab, the firm seeks to deploy blockchain as a way of permitting lenders and data providers to trade credit and data in an efficient environment. The firm has branches in Los Angeles and Chicago.
Cohn’s Role At Spring Labs Board
According to a press statement from the firm, CEO Adam Jiwan said that Cohn addition to the management will assist the company spearhead adoption of the blockchain. He said that Cohn will help in coming up with a product that complies with the law.
On the advisory board, we have Bobby Mehta, Brian Brooks, Sheila Bair and Nigel Morris. It has emerged that Cohn has a number of shares in Springs Lab. The figure has however remained a secret.
Reacting to the appointment, Cohn said that for a long, the blockchain has been attractive. He pointed out that Springs Labs is heading in the right direction by setting up a system that can have a greater impact on financial services.
Spring Labs Incredible Capital Base
At the moment, Spring Labs which is one year old has about $15 million in funding. The company has established a team from Avant. Avant is a lending company that issued more than $5 billions in loans within a span of six years.
According to Jiwan, there is no need of using an ICO to raise funds. He pointed out that they can use a digital asset.