UK Member of Parliament (MP) Quits Cryptocurrency Project Advisory Role

A member of parliament in united kingdom quits his role as an adviser to a blockchain starts up. The resignation came in response to the revelation of secret financial benefits he was getting from the position as reported by financial times on Wednesday.

MP Quits Advisory Role to Blockchain Start Up

Member of the United Kingdom UK quits his role as an adviser to a blockchain startup, in response to a revelation of secret financial benefits he gets from the role as revealed by financial times on Wednesday. The MP is a conservative member, Grant Shapps; he designs from OpenBrix, where he occupied the role of the co-chair of a parliamentary blockchain group he co-founded.

As against the secret deal report of financial times Alphaville that he gets financial benefits from his role as a co-chair of openBrix, the Mr Grant Shapps claimed in an open filing that he receives no pay for his role as an adviser to the crypto startup, while it seems openbrix are to pay him in crypto token.

OpenBrix is a decentralised network that connects all critical players in the property letting and sales market on a single network. It provides a decentralised system for real estate owners and participants to trade properties through the web, and it is set to launch its ICO in December.

As told by the founder and the CEO of openbrix Shahad Choudhury, he informed Alphaville that Grant has signed to serve on the advisory board as the chair of governance of the company and the He also further signed a consultancy contract with openbrix. In fulfilling the deal, Mr Grant had to write an article about the potential of blockchain for the property market and had to attend openbrix events.

As further stated by the CEO Choudhury, the contract requires no further commitment until December when the ICO will close. To this, he said that

“To be honest, [Shapps] had nothing to do until after the [ICO] … His main role was the governance role after we've got the money. He could have quite happily not done anything, and he'd still be governance chair,”

For his advisory role and contract the company as reported had paid Grant and four other advisors a sum of 8 million BRIX tokens, which value can be rated to be to the tune 2.8 million pounds or $3.7 million. Despite the report of payment, the numbers of tokens collected by Grant is still unknown as there is a report of having not received any token.

As the subject of cryptocurrency reigns in the society, many politicians and financial institutions and bodies are still wary of delving into it because of related maladies of fraud and scam that has trailed the community. Nevertheless, Grant role might be in contradiction to his role as UK member of parliament. But cryptocurrency remains a means of the value of storage and a substance for conducting transactions.

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