Originally published on: November 28, 2024
Axiom, a Bitcoin-native venture capital firm, has welcomed former British politician John Baker to its advisory team after receiving approval from the United Kingdom’s Advisory Committee on Business Appointments (ACOBA). Baker, who previously served as the Minister of State at the Northern Ireland Office, will bring his expertise to Axiom as a part-time advisor for their second venture fund, Axiom Venture Fund II.
In a government record published on Nov. 28, it was revealed that Baker sought advice from ACOBA before accepting the role at Axiom. The committee emphasized the importance of adhering to the “7 Principles of Public Life,” which include selflessness, integrity, and accountability. ACOBA also conducted an internal assessment and found no prior engagements during Baker’s ministerial tenure that could compromise the integrity of the government.
Axiom Venture Capital focuses on advisory and investment management within the Bitcoin ecosystem. Earlier this year, the firm announced plans to raise $75 million for their second fund, highlighting the importance of strategic investments in Bitcoin companies. Baker’s appointment comes amidst increasing interest in cryptocurrency investments and blockchain technology.
While acknowledging the inherent risks of former ministers joining the crypto sector, the committee outlined specific conditions for Baker to mitigate potential conflicts of interest. These include refraining from using government secrets or information for Axiom’s benefit and avoiding lobbying the UK government on behalf of the firm for a period of two years. Additionally, Baker is restricted from advising Axiom on areas he previously oversaw as a minister or leveraging government contacts for the firm.
As the cryptocurrency industry continues to evolve, Axiom’s decision to bring on a seasoned politician like John Baker reflects their commitment to regulatory compliance and ethical practices. With Baker’s experience and insights, Axiom aims to navigate the complex landscape of the Bitcoin ecosystem while adhering to the highest standards of transparency and integrity.
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