John Baker, a former UK minister, has become an adviser at Axiom, a Bitcoin-focused venture capital firm. The Advisory Committee on Business Appointments (ACOBA) authorized the nomination and imposed particular criteria to promote transparency and fairness in his new post.
Recognized for investing in early-stage Bitcoin technology businesses, Axiom has announced the launch of its second venture fund, aiming to raise $75 million. This fund favors equity investments in companies that use Bitcoin technology for innovation and avoids direct cryptocurrency investments. Baker’s part-time advising role will include guiding the firm’s strategy in fintech, energy, and capital markets.
ACOBA’s approval for Baker’s job came with conditions to mitigate potential hazards. For two years, he is not permitted to lobby the UK government or use confidential government information to profit Axiom. Furthermore, he cannot advise the firm on subjects connected to his previous ministerial responsibilities or leverage relationships developed while in office.
Baker expressed joy for his new position, citing Bitcoin technology’s transformative potential in promoting economic stability and inclusive prosperity. His move is consistent with a larger trend of former governmental officials entering the cryptocurrency sector, adding regulatory and governance experience to the quickly growing market.
As the company expands its presence in the Bitcoin ecosystem, Axiom expects Baker’s experience to contribute to its aim of promoting long-term growth and innovation in blockchain technology. This collaboration underlines the relevance of ethical practice.
