Gary Cohn, the former Goldman Sachs COO and economic advisor to President Trump has announced his next role will be as an advisor with a blockchain startup.
Cohn will be joining Spring Labs, which is building a decentralized network for identity and credit. The company aims to create a “more transparent and secure” financial services industry. Critics were quick to jump on the move by claiming that this was a fall from grace, yet you don’t get to become the COO of Goldman Sachs for 11 years by making dumb and hasty investment decisions.
Cohn served under the Trump administration from January 2017 to April 2018. He left due to economic differences between himself and President Trump. The decision came after Trump announced his plans to impose import tariffs, which started the trade war between the U.S. and China.
Spring Labs has offices in Los Angeles and Chicago. The company raised $15 million without the need for an initial coin offering (ICO). The plan is to work on the network’s architecture before any digital assets are created.