Women in Web3: Shaping the Future of Crypto
Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds that go beyond the headlines to explore the ideas and voices shaping the future of crypto.
I recently had the opportunity to interview Gracy Chen, the first female CEO of Bitget and the only female CEO out of the top 10 centralized exchanges. While our conversation initially focused on her vision, skills, background, and achievements, the topic inevitably shifted towards the underrepresentation of females in the tech industry, particularly in web3. This led me to reflect on an article I wrote in 2018 titled “We Need More Women in Tech – But Not to Serve the Drinks,” and a subsequent, slightly more cynical take a year later, “Why the Women in Blockchain Movement Makes Me Nauseous.”
Backlash ensued from my “controversial” views, but my stance remains unchanged. We need more women in tech, not to fulfill quotas or serve as tokens of diversity, but to be recognized for their skills, abilities, and contributions. As Shalini Wood, former CMO at Bitcoin staking platform Babylon Labs, aptly puts it: “Hire women in leadership roles because they’re qualified, and then back them up with the same resources and trust you’d give anyone else.”
The Impact of Women in Leadership Roles
Having more women in leadership roles is not just about diversity; it positively impacts the bottom line. Companies with at least 30% women in leadership positions are 12 times more likely to be in the top 20% for financial performance. Additionally, organizations in the top 10% for financial performance tend to have more women leaders.
Moreover, women bring a different perspective to the table and ensure that the new financial system being built in web3 is inclusive and representative of the entire population. As Shazia Hasan, Head of Marketing at Story, eloquently states: “You can’t be what you can’t see. We need more stories, visibility, and seats at the table.”
Addressing the Gender Gap in Web3
While women in web3 still face challenges and biases, there has been notable progress in terms of expectations and numbers. Women in the industry are becoming more assertive, demanding, and resilient, with a lower tolerance for discriminatory behavior. Despite the ongoing struggles, women are excelling in their roles and making significant contributions to the sector.
However, the gender pay gap remains a pressing issue, with women in web3 earning 46% less than men on average. This disparity underscores the need for continued efforts to promote gender equality and ensure fair compensation for all professionals in the industry.
Overcoming Challenges and Leveraging Opportunities
Women in web3 often find themselves underestimated or facing biases, but they use these challenges as opportunities to excel. By leveraging their unique perspectives, women bring a human element to teams and offer valuable insights that drive innovation and success in the industry.
While the web3 culture still reflects a predominant “boys’ club” mentality, women are carving out their space and making their voices heard. Initiatives like Blockchain4Her and organizations like Women in Web3 Hong Kong are empowering women and providing them with the support they need to thrive in the industry.
Moving Forward: Building a More Inclusive Future
To create a more inclusive culture in web3, it is essential to prioritize awareness, mentorship programs, and allyship. By fostering safe spaces where diverse voices are heard and valued, the industry can ensure that women have equal opportunities to succeed and advance in their careers.
Ultimately, women in web3 are writing their own playbooks and reshaping the future of crypto. With their resilience, determination, and innovative spirit, they are driving meaningful change and paving the way for a more diverse and inclusive industry.
As we continue to strive for gender equality and empowerment in web3, let us celebrate the achievements of women in the sector and support their efforts to create a more inclusive and equitable future for all.