Former U.K. minister Steve Baker has been granted approval to take on a new role as an adviser for Bitcoin-focused venture capital firm Axiom.
The Advisory Committee on Business Appointments granted former British politician Steve Baker approval to take up a paid advisory role at Axiom Venture Capital after he underwent a background assessment. According to a government document issued on Nov. 28, Baker had sought approval from the advisory board before officially joining up with the Bitcoin (BTC)-focused firm.
Baker was allowed to accept the job as an adviser to Axiom as long as he followed certain conditions laid out in the document, namely that he was not allowed to divulge government secrets or information from his time as minister that could potentially benefit the firm.
Baker served as the minister of state at the Northern Ireland Office from 2022 until 2024. An internal assessment by the ACOBA did not find any prior engagements Baker was involved in during his tenure as minister that could benefit Axiom or damage “the integrity of the government.”
“It is an applicant’s personal responsibility to manage the propriety of any appointment. Former ministers are expected to uphold the highest standards of propriety and act in accordance with the 7 Principles of Public Life,” the advisory board dictated through the document.
The 7 Principles of Public Life consist of selflessness, integrity, objectivity, accountability, openness, honesty, and leadership.
Within the document, the committee outlined certain risks that could come up regarding his previous influence in the government and his role in Axiom that could enable the firm to “gain unfair access or influence as a result.”
Therefore, the committee advised Baker to mitigate any potential risks that could arise, including the misuse of contacts and influence within and outside the government. He is also banned from lobbying the UK government for Axiom for two years.
Moreover, Baker is not allowed to advise Axiom on areas he oversaw as a minister or lobby contacts he made in the U.K. government for at least two years.
In an X post, Baker announced that he will be joining Axiom Venture Capital as a part-time adviser for its second venture fund, Axiom Venture Fund II.
Axiom Venture Capital is known as an advisory and investment management firm focused on Bitcoin. Though it shares the same name, it is in no way connected to the emerging Ethereum data protocol Axiom.
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