In a significant move within the financial and political landscape, Steve Baker, a former UK Minister, has been approved by the Advisory Committee on Business Appointments (ACOBA) to take on a role as an advisor for the Bitcoin-focused venture capital firm, Axiom Venture Fund II LP. This development highlights the growing intersection between politics and the burgeoning cryptocurrency industry, with Baker being the latest politician to make this transition. Previously, he served as the Minister of State at the Northern Ireland Office until 2024.
Baker to Join Axiom’s Second Venture Fund
Axiom Venture Capital, an advisory and investment management firm dedicated to the Bitcoin ecosystem, is set to bring Baker on board as a part-time advisor for its second venture fund, Axiom Venture Fund II. This fund represents a strategic move by Axiom, as they announced in August their intent to raise $75 million. Baker’s involvement with the fund is noteworthy, as it focuses on early-stage investments in Bitcoin technology startups, particularly those within the fintech, capital markets, and energy sectors.
Unlike direct Bitcoin investment, Axiom’s fund strategy is centered on acquiring equity positions in companies utilizing Bitcoin technology for sustainable growth. Baker expressed his enthusiasm for this approach, stating, “By building the infrastructure of sound money, investors and entrepreneurs can foster a more stable and free economic system, ultimately creating a foundation for sustainable, just and inclusive prosperity.” He further commented, “This firm belief is why I am happy to announce that I have decided to join Axiom as an advisor. I believe their work will prove to be an invaluable part of that journey.”
The formal document guiding Baker’s new role emphasized the importance of adhering to the “7 Principles of Public Life,” which include selflessness, integrity, objectivity, accountability, openness, honesty, and leadership. As part of his advisory duties, Baker is expected to play two key roles: assisting Axiom in attracting clients and providing differentiated input into its investment research and decision-making processes.
Conditions to Be Complied With
Baker’s part-time advisory position comes with stringent conditions set by ACOBA to mitigate potential conflicts of interest. According to the committee’s guidelines, Baker is prohibited from using any privileged information, contacts, or influence gained during his tenure in government to benefit Axiom unfairly. Moreover, he is restricted from lobbying contacts he established during his time in office, whether in other governments or organizations outside the UK government, in efforts to secure business for Axiom.
Furthermore, Baker cannot offer advice to Axiom on matters he directly oversaw as a minister, nor can he lobby any government contacts he made for a period of two years. This appointment underscores the increasing recognition among government leaders of the potential held by the crypto world. Such moves may indicate that cryptocurrencies like Bitcoin are not just a passing trend but are poised to continuously reshape market dynamics in the foreseeable future.
