United

Axiom

Bitcoin

Steve

An advisory committee of the United Kingdom approved a former high-ranking minister to take up a paid advisory role at Bitcoin-native venture capital firm Axiom after a satisfactory background assessment.
<a data-ct-non-breakable="null" href="https://assets.publishing.service.gov.uk/media/67444fb6e26d6f8ca3cb352a/ACOBA_Advice-_Steve_Baker-_Axiom_Venture_Fund_II_LP_.pdf" rel="null" target="null" text="null" title="null">According</a> to a government record published on Nov. 28, former British politician John Baker had sought advice from the Advisory Committee on Business Appointments (ACOBA) on the private-sector role as an adviser with Axiom.&nbsp;
The document advised Baker to follow the “7 Principles of Public Life,” which are selflessness, integrity, objectivity, accountability, openness, honesty and leadership.
Baker served as the minister of state at the Northern Ireland Office until 2024. An internal assessment by the ACOBA found no prior engagements during his tenure as a minister that could benefit Axoim or damage “the integrity of the government.”
<figure>
 <img alt="Bitcoin venture capital firm Axiom hires ex-UK minister" src="https://s3.cointelegraph.com/uploads/2024-11/019371c2-1386-7662-9862-044711ad2bad" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/SteveBakerFRSA/status/1860998471651639650" rel="null" target="null" text="null" title="https://x.com/SteveBakerFRSA/status/1860998471651639650">Steve Baker</a>
 </figcaption>
</figure>
<h2 id="uk-minister-advised-to-minimize-risks-of-prior-influence">UK minister advised to minimize risks of prior influence</h2>
Axiom Venture Capital is an advisory and investment management firm focused on the Bitcoin ecosystem. It will onboard Baker as a part-time adviser for its second venture fund, Axiom Venture Fund II. In August, Axiom announced plans to raise $75 million for the fund. At the time, the company had underscored the importance of prudent investments in Bitcoin companies, adding:
<blockquote>
 “In our view, nothing will destroy a Bitcoin company faster than an investor pressuring the founding team to issue a token.”
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/uk-city-minister-pushes-blockchain-gilts-despite-dmo-concerns" rel="null" target="null" text="null" title="null">UK city minister pushes blockchain gilts despite gov’t concerns</a>
<h2 id="imposing-conditions-to-ensure-fair-play">Imposing conditions to ensure fair play</h2>
The committee pointed out certain inherent risks when allowing former ministers to join the crypto sector.&nbsp;
These include previous dealings with finance companies, access to general sensitive information that could benefit the private company and the misuse of contacts and influence within and outside the government.&nbsp;
While approving the appointment, the committee laid down conditions for Baker to mitigate potential risks. He has been advised against using any government secrets or information to benefit Axiom or lobbying the UK government for Axiom for two years.&nbsp;
Additionally, Baker cannot advise Axiom on areas he oversaw as a minister or lobby contacts he made in government for two years.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/based-rollups-make-ethereum-feel-ethereum-again/" rel="null" target="null" text="null" title="null">Make Ethereum feel like Ethereum again: Based rollups explained</a>

Bitcoin venture capital firm Axiom hires ex-UK minister

Table of Contents

Cointelegraph

Other articles published on Nov 28, 2024

Mercado Bitcoin Launches MBRL Stablecoin Pegged to Brazilian Real on the TRON Blockchain

SEC Predicted to Drop Ripple Case by Former CFTC Chair, Shiba Inu Surprises With Mild Spike in Th...

Charles Hoskinson Breaks Silence on Quantum Hosky

PYTH Price Surges 90%, Eyes $0.80 With Channel Breakout!

Getimg AI: Transforming Creativity with AI-Generated Hairstyles

Cardano Whales Snap Up 130M ADA—Can It Break $1.00 Soon?

Join our free newsletter for daily crypto updates!