Former U.K. minister approved for advisory role at Axiom Venture Capital

Former UK minister Steve Baker has been given the go-ahead to take on a new role as an advisor at Bitcoin-focused venture capital firm Axiom.

The Business Appointments Advisory Committee has approved former British politician Steve Baker to take on a paid advisory role at Axiom Venture Capital following a background review. According to a government document published on November 28, Baker had sought approval from the advisory board before officially joining the Bitcoin (BTC)-focused firm.

Baker was allowed to accept the job as Axiom’s consultant, provided he complied with certain conditions outlined in the document; that is, he was not allowed to disclose government secrets or information from his time as minister that could potentially benefit the firm.

Baker served as secretary of state in the Northern Ireland Office from 2022 to 2024. An internal review by ACOBA found no previous dealings during Baker’s tenure as minister that would have benefited Axiom or “could undermine the integrity of government.” .”

“It is the applicant’s personal responsibility to manage the availability of any appointment. Former ministers are expected to observe the highest standards of etiquette 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 dedication, honesty, objectivity, accountability, openness, honesty and leadership.

In the document, the committee outlined certain risks that could arise related to his previous influence in government and his role at Axiom, which could cause the firm to “obtain unfair access or influence as a result.”

Therefore, the committee recommended that Baker reduce the potential risks that could arise, including the abuse of contacts and influence inside and outside the government. He was also banned from lobbying the UK government on behalf of Axiom for two years.

Moreover, Baker is not allowed to advise Axiom on areas he oversaw as a minister or lobbying contacts he has made in the UK government for at least two years.

Baker announced in an X post that he will be joining Axiom Venture Capital as a part-time advisor for its second venture fund, Axiom Venture Fund II.

Axiom Venture Capital is known as a consulting and investment management firm focusing on Bitcoin. Despite sharing the same name, it is in no way connected to the emerging Ethereum data protocol Axiom.