Steve Baker, a former British minister of state in the Northern Ireland Office, has been approved to join Bitcoin venture capital firm Axiom as a paid advisor.
The UK’s Advisory Committee on Business Appointments (ACOBA) approved Baker’s appointment after a thorough review of his past, finding no conflicts of interest arising from his ministerial tenure.
Government documents released on November 28 revealed that Baker had asked ACOBA for guidance on the role in the private sector. In its approval, the committee stressed adherence to the “7 principles of public life,” which include selflessness, honesty and accountability.
Baker will advise Axiom on a second venture fund
Baker is to advise Axiom on its second venture fund, Axiom Venture Fund II, which focuses on investments in the Bitcoin ecosystem. Axiom, known for its cautious approach to the cryptocurrency sector, announced plans in August to raise $75 million for its second fund.
The company underscored its commitment to promoting sustainable Bitcoin companies, highlighting the risk of investor pressure on token issuance, which could undermine long-term success. ACOBA acknowledged the potential risks associated with Baker’s move into the private sector, particularly in an area such as cryptocurrency.
These include concerns about insider trading, undue influence through government contacts, and potential reputational risks for public institutions. To address this, Baker’s role comes with strict conditions.
For two years, Baker is prohibited from using government knowledge or engaging in lobbying activities on behalf of Axiom. He is also prohibited from advising the company on any areas directly related to his previous ministerial duties.
“By building an infrastructure of sound money, investors and entrepreneurs can support a more stable and free economic system, ultimately laying the foundation for sustainable, equitable and inclusive prosperity,” – Bakers commented.
“This strong conviction is why I am pleased to announce that I have decided to join Axiom as an advisor. I believe their work will prove to be an invaluable part of this journey.”
