Steve Baker To Serve As An Advisor To Bitcoin VC Firm Axiom

In a latest development, the Advisory Committee on Business Appointments (ACOBA) has approved former UK Minister Steve Baker as an advisor to Bitcoin VC firm Axiom Venture Fund II LP. Notably, Steve Baker has become the latest politician to transition from public service to the cryptocurrency sector. Baker served as the minister of state at the Northern Ireland Office until 2024. 

Baker To Join Axiom’s Second Venture Fund

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 had announced plans to raise $75 million for the fund. 

Baker will join Axiom’s second venture fund, which focuses on investing in early-stage Bitcoin technology startups, particularly in fintech, capital markets, and energy industries. Notably, the fund clearly avoids direct Bitcoin investment and instead concentrates on equity positions in companies leveraging Bitcoin technology for 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,” Bakers commented. 

“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 document advised Baker to follow the “7 Principles of Public Life,” which are selflessness, integrity, objectivity, accountability, openness, honesty and leadership. As an advisor, Baker is required to serve two primary roles that is to help Axiom attract clients, and provide Axiom with a materially differentiated input to its investment research and decision-making process. 

Conditions To Be Complied With

However, the part-time role comes with strict conditions implemented by ACOBA to prevent potential conflicts of interest.

The committee’s advice noted that Baker cannot make use of privileged information, contacts or influence gained from his time in ministerial service to the unfair advantage of Axiom. Additionally, the Committee imposed a restriction on lobbying contacts he made during his time in office in other governments and organisations outside of the UK government for the purpose of securing business for Axiom. Baker cannot advise Axiom on areas he oversaw as a minister or lobby contacts he made in government for two years.

Bitcoin’s Increasing Appeal

Baker’s appointment indicates that even government leaders are now realizing the potential of the crypto world. This move could signal that cryptocurrencies like Bitcoin are here to stay which will keep changing the market dynamics. 

Allen Farington, Axiom’s GP and co-founder, and Steve have underscored the importance of Bitcoin infrastructure in an opinion piece in CityAM. “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,” they remarked.