After exiting the White House in early-2018, 58-year-old Gary Cohn has made a foray into the blockchain space in a surprising turn of events.
Traditionalist Enters Blockchain Industry
Per an exclusive report from the Financial Times, Gary Cohn, who formerly acted as Goldman Sach’s president for 11 years, has made a move to join a blockchain startup’s advisory board. The recently-established startup, named Spring Labs, is aiming to use the unique characteristics of how data is managed on a blockchain to revolutionize how financial institutions interact with credit data.
Spring Labs, which hosts 20 employees in its Los Angeles and Chicago offices, is looking into ways that may see blockchain technologies enter the contemporary credit and identity information ecosystem. The ledger technology-focused startup seems dead set on disrupting this sector, as the recent hack of Equifax, which saw the data of 143 million Americans leak, underlines issues with traditional data management systems.
Although the startup has yet to launch any actively-used systems, CEO Adam Jiwan remains hopeful, telling publications that Spring Labs tech may “replace the credit bureaus you see today.” Jiwan added that he expects for his firm’s first products to launch by the first half of 2019, which may include anti-fraud and identity verification systems.
Speaking with Financial Times reporters, Cohn explained that the use of digital technologies to overhaul credit data was inevitable, while still calling Spring Labs a “unique opportunity.”
Spring Labs has reportedly raised upwards of $15 million to date through seed funding rounds. But, seeing that the American startup has seen interest from Goldman Sachs’ ex-president, along with Coinbase’s chief legal officer, Spring Labs could see an influx of investment in the near future.
Cohn “Very Interested” In Blockchain Technology
In a press release issued by the startup, Cohn was quoted to have expressed his excitement for this up and coming technology. More specifically, the former White House economic aide stated:
“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.”
Interestingly enough, his move to advise Spring Labs is one of the first times that Cohn has made a public appearance since leaving Trump’s White House and Goldman Sachs, only corroborating the fact that he sees real promise in the application of this nascent technology.
Goldman Sachs Remains Interested In Crypto
Although Cohn isn’t at Goldman Sachs to drive the institution’s crypto vision, it seems that the New York-based bank is still looking to make a meaningful foray into this industry. Goldman has already seen some success in crypto markets, revealing that it would aid its clients by becoming a Bitcoin futures market maker.
Despite reports from one of the corporation’s dozens of branches that divulged that Bitcoin is doomed to fail, Goldman’s top brass have still overtly shown interest in expanding its operations. In fact, rumor has it that the $81 billion Wall Street giant is looking into custody solutions and an in-house, fully-fledged crypto asset trading desk.