UK Blockchain

Member of Parliament Leaves Two Blockchain Roles Over an ICO Deal

UK Member of Parliament has resigned from two blockchain roles after the media accused him of being involved in a secretive pay deal.

Grant Shapps has founded the Blockchain APPG alongside yet another Tory MP.

Shahad Choudhury, co-founder, and CEO of OpenBrix, disclosed that Shapps had been hired under a consultancy contract and was authorized to a token allocation of 8 million BRIX tokens. Each BRIX token is worth 0.001 Ethereum, resulting in a shared pool of around £2.8 million ($3.7 million at current rates).

The focal point of this case is actually a junction of business and politics in the UK parliament, highlighting that the Blockchain selected another co-founder of OpenBrix as a permanent expert advisor.

Shapps said that he followed the rules ’’to the t’’, explaining that the prospective financial gain would only be noticeable if and when realized.

The OpenBrix board reconsidered the remuneration deal to notably decrease and more widely distribute the general amount of tokens issued. Under newly revised terms the MP would still have been entitled to 482,353 BRIX tokens, or £170,000 ($222,000) at current rates.

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