Goldman Sachs has been on both the positive and the negative sides of the cryptocurrency industry. Despite having slammed the idea of digital assets, the financial services company is looking into launching a trading desk.
From White House to Blockchain
Regardless of his original views, former Goldman Sachs president, Gary Cohn, has announced his new position as advisor of a new blockchain startup, Spring Labs, according to a press release. The project is working on decentralizing credit and identity information—essentially poising itself as a blockchain-based Equifax, which suffered from a massive hack just last year. Other Spring Labs advisors include chief legal officer at Coinbase, Brian Brooks, former TransUnion executive, Bobby Mehta, former chairwoman of Federal Deposit Insurance Corp, Sheila Bair, and Nigel Morris, co-founder and former president of Capital One Bank.
In a statement, Cohn revealed his long-time desire to get involved in blockchain:
“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.”
Interestingly enough, Cohn has always been interested in blockchain but not so much in cryptocurrencies. Cohn was once President Trump’s Economic Advisor, but he left back in March due to some disagreements. He then revealed this information in an interview with CNBC—his first since stepping down from the White House.
Pushing The Industry Forward
Spring Labs raised $14.8 million in funding back in March. The group was founded last year by Anna Fridman, John Sun, and Adam Jiwan, who also founded the online lending platform, Avant. Jiwan praised the acquisition of Cohn, stating that he “brings a wealth of experience in understanding the complexities of the global financial markets and an unparalleled network.” The founder continues, “we’re beyond excited to work with him to execute on our vision to transform how information and data are shared globally across a host of major industries.”
Spring Labs will also be announcing additional partnerships and development ideas soon.
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