In a significant recent development, the Advisory Committee on Business Appointments (ACOBA) has granted approval for former UK Minister Steve Baker to assume the role of advisor at the Bitcoin venture capital firm, Axiom Venture Fund II LP. This move underscores a growing trend of politicians transitioning from public office to the burgeoning world of cryptocurrency. Steve Baker’s new role marks his entry into this dynamic sector, following his tenure as the Minister of State at the Northern Ireland Office until 2024.
Baker To Join Axiom’s Second Venture Fund
Axiom Venture Capital, a firm dedicated to advisory and investment management within the Bitcoin ecosystem, is set to welcome Baker as a part-time advisor for its second venture fund, Axiom Venture Fund II. Highlighting its ambitious objectives, Axiom announced in August its intention to raise $75 million for this fund. This strategic move aims to invest in early-stage Bitcoin technology startups, with a particular focus on sectors such as fintech, capital markets, and energy industries.
Interestingly, Axiom’s second venture fund will strategically avoid direct Bitcoin investments. Instead, it aims to secure equity positions in companies leveraging Bitcoin technology for long-term growth. This approach aligns with Baker’s belief in fostering a stable and free economic system by building the infrastructure of sound money. Baker expressed his enthusiasm for this new role, 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.”
In his advisory capacity, Baker is tasked with two primary roles: assisting Axiom in attracting clients and providing the firm with materially differentiated input into its investment research and decision-making process. His involvement is expected to bring a fresh perspective and valuable insights, given his extensive experience in public service.
Conditions To Be Complied With
However, Baker’s part-time role is subject to stringent conditions imposed by ACOBA to prevent any potential conflicts of interest. The committee has stipulated that Baker must not exploit privileged information, contacts, or influence gained during his ministerial service to provide an unfair advantage to Axiom. Additionally, a restriction has been placed on lobbying contacts he established during his time in office with other governments and organizations outside of the UK government, specifically for securing business for Axiom.
Moreover, Baker is prohibited from advising Axiom on areas he oversaw as a minister or lobbying contacts he made in government for a period of two years. These conditions are designed to ensure ethical conduct and maintain transparency in his new role.
Baker’s appointment signifies a growing recognition among government leaders of the immense potential within the cryptocurrency world. This transition may well signal that cryptocurrencies like Bitcoin are not just a passing trend but are here to stay, continuing to reshape market dynamics globally.
