Blockchain Credit Platform Spring Labs Adds Gary Cohn As Advisorbr>
Former top national economic director Gary Cohn has joined Los Angeles blockchain company Spring Labs as an advisor.
Cohn resigned in March as director of the National Economic Council. He joins Sheila Bair, former chairwoman of the Federal Deposit Insurance Corp.; Nigel Morris, co-founder and former president of Capital One bank; and Bobby Mehta, former CEO of credit bureau TransUnion on the Spring Labs advisory board.
Spring Labs is working on a solution to apply blockchain to consumer credit ratings and sharing of such information by banks.
“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,” Cohn said in a company news release. “I am excited to actively support the Spring Labs team in the development of this important business and network.”
As part of his deal, Cohn received an undisclosed amount of equity in Spring Labs.
“Gary brings an imprimatur of credibility and validation,” said CEO Adam Jiwan said. “It doesn’t mean we can’t fail, but we’ve tried to maximize the probability of success by hiring the brightest and surrounding ourselves with the best people we can.”