The emerging cryptocurrency industry, which combines technology and finance, has historically been dominated by men. Despite the increased participation of women in the workforce after World War II, the integration of technology in industrial and commercial processes during the Third and Fourth Industrial Revolutions maintained a glass ceiling for women’s advancement. Efforts have been made to bridge the gender gap in the tech industry and break the glass ceiling in the 21st century, but there is still a significant gender disparity in tech-related careers.
The blockchain space, which has grown significantly since the introduction of Bitcoin (BTC), represents a new industry known as Web3. This presents an opportunity for women to be part of the next revolutionary leap in technology and finance. However, it is important to question whether women are being included in this revolution or if the Web3 industry is following the same pattern as traditional financial and technological sectors.
The low participation of women in the Web3 industry is evident in the data. A 2022 analysis by the Boston Consulting Group found that only 7% of Web3 founders are women, and among top crypto startups, only 27% of employees are women. This gender disparity extends to crypto investors as well.
To understand the reasons behind this low participation, Cointelegraph interviewed several women from diverse fields within the Web3 industry. Layne Haber, co-founder and CEO of interoperability protocol Connext, believes that a lack of senior mentors and role models is a major roadblock. Representation at senior levels is crucial as it shapes young women’s perception of their future possibilities. A study by Forex Suggest also revealed a lack of female role models in crypto companies, with few having more than 20% female representation in senior leadership or even one woman on the board. This lack of representation creates a negative cycle where women feel underrepresented and less motivated to enter the field.
Margot Paez, a fellow at the Bitcoin Policy Institute, suggests that the core fields of finance and tech, which have a higher proportion of men, may be the reason for the low participation of women in the Web3 industry. The BCG research shows that women are more present in Web3 projects where social skills are more relevant than technical skills.
Cecilia Hsueh, co-founder and CEO of layer-2 blockchain Morph, believes that despite good intentions, the Web3 sector may fall into the same trap as other tech sectors due to unequal access to funding for female-led startups. A 2023 op-ed by Mariana Krym, the chief operating officer of Vyvo Smart Chain, pointed out that among Web3 companies that raised over $100 million, there were no projects with all-female founding teams.
Catie Romero-Finger, co-founder of Web3 marketing agency Babs, suggests that the ambiguity of the Web3 industry makes it difficult for women to enter. Unlike traditional careers, Web3 requires a leap of faith and a willingness to figure out the path as one goes. Romero-Finger believes that this uncertainty can be intimidating for women who tend to be less comfortable with trying something new and facing failure.
Sandy Carter, chief operating officer of Unstoppable Domains, agrees that women tend to wait until they are fully confident to step into a new space. A 2013 internal report from Hewlett Packard found that women tend to apply for jobs only when they meet all the requirements, while men are more likely to apply if they meet approximately 60% of the conditions. Carter believes that women should dare to take more risks and enter the game even if they don’t feel completely prepared.
Discrimination and a “bro culture” are also prevalent in the Web3 industry. Women in the industry have experienced incidents of discrimination and exclusion. The industry has been accused of having a “bro” culture, and incidents like the American Bitcoin Conference ending at a strip club have contributed to this perception. While the industry has evolved, there is still a need for a more inclusive culture.
To address these challenges, several solutions have been proposed. Initiatives such as women-led blockchain education programs, networking events, and targeted scholarships can provide more visibility and support for women. Promoting the stories of successful women in the Web3 space can also inspire and motivate others to join and innovate. It is crucial for women to seize the opportunity to shape their leadership trajectories in the Web3 industry before it becomes male-dominated with a solidified glass ceiling.
In conclusion, while there is still a gender disparity in the Web3 industry, there is also potential for change. Women have the opportunity to establish themselves at top-ranking levels in this young industry. Encouraging women to step into the Web3 space, providing support and visibility, and promoting diversity and inclusion will contribute to breaking the glass ceiling and creating a more balanced and innovative industry.