In a significant development, the Advisory Committee on Business Appointments (ACOBA) has granted approval for former UK Minister Steve Baker to step into the role of advisor for the Bitcoin-focused venture capital firm, Axiom Venture Fund II LP. This move signifies a growing trend of politicians transitioning from public duties to the burgeoning cryptocurrency sector. Steve Baker, who served as the minister of state at the Northern Ireland Office until 2024, has become the latest figure in this evolving narrative.
Baker To Join Axiom’s Second Venture Fund
Axiom Venture Capital, a notable advisory and investment management firm dedicated to the Bitcoin ecosystem, is eager to onboard Baker as a part-time advisor for its second venture, Axiom Venture Fund II. Back in August, Axiom announced its ambitious plan to raise $75 million for this fund. This strategic initiative is aimed at investing in early-stage Bitcoin technology startups, particularly those within the fintech, capital markets, and energy sectors. While the fund strategically avoids direct investment in Bitcoin, it focuses on securing equity positions in companies that leverage Bitcoin technology for sustainable long-term growth.
“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,” Baker commented enthusiastically. “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,” he noted.
The advisory document from ACOBA emphasized that Baker must adhere to the “7 Principles of Public Life,” which include selflessness, integrity, objectivity, accountability, openness, honesty, and leadership. As an advisor, Baker is expected to fulfill two primary roles: assisting Axiom in attracting clients and providing materially differentiated input to its investment research and decision-making processes.
Conditions To Be Complied With
Despite the promising nature of this part-time role, it comes with stringent conditions set by ACOBA to prevent any potential conflicts of interest. The committee’s advice emphasized that Baker must not exploit privileged information, contacts, or influence acquired during his ministerial tenure for the unfair benefit of Axiom. Additionally, ACOBA has placed restrictions on lobbying contacts he established during his time in office, particularly with other governments and organizations outside of the UK government, to secure business for Axiom. Baker is also prohibited from advising Axiom on areas he previously oversaw as a minister or lobbying contacts made in government for a period of two years.
Bitcoin’s Increasing Appeal
Baker’s appointment highlights the growing recognition of cryptocurrency’s potential among even the highest echelons of government leadership. This move could be a strong indicator that cryptocurrencies like Bitcoin are here to stay, continually reshaping market dynamics. In an opinion piece published in CityAM, Allen Farrington, Axiom’s General Partner and co-founder, along with Steve Baker, emphasized the importance of Bitcoin infrastructure. They remarked, “The long-term, soaring price of Bitcoin is not only a consequence of fiat money inflation. It is a sign that the paradigm is shifting as these features are steadily more widely appreciated.”
This transition of Steve Baker from politics to cryptocurrency advisory not only underscores the increasing allure of the crypto world but also signals a paradigm shift in how traditional sectors are beginning to perceive and integrate with the digital financial landscape.
