09 March 2022 | ZebPay Trade-Desk
Crypto’s popularity as a boy is no longer a surprise: it sits at the intersection of technology and finance, carrying on the legacy of the “bro culture” that is encoded in Silicon Valley and Wall Street. She became the best in 2020, when financial institution Citigroup appointed the company’s first female CEO, Jane Fraser. it turned into a milestone in the 200 years record of Wall Street itself, with a lady heading one of the major banks on Wall Street.
Meanwhile, cases of sexual harassment are rampant at pioneering tech companies, as in the case of Riot Games, where it has been implied that girls don’t “belong” anymore. Just 4 years ago, the North American Bitcoin Conference 2018 ended with an infamous networking opportunity held at a Miami Strip membership. Although the organisers later expressed remorse over their preference for the venue, the story records the dwindling function of girls within the crypto asset industry.
The belief of crypto’s proclivity in the direction of the male gender definitely calls for rehabilitation, and the commercial enterprise case for that is evident. An inclusive crypto environment now no longer most effectively broadens its attraction to a much broader target market but, more importantly, allows crypto to flow into the mainstream. While there may be no scarcity of hobby or abilities in crypto amongst ladies, the maximum outspoken crypto investors and influencers talk to a male target, honestly due to the fact that these influencers are guys themselves. In fact, CryptoHead’s 2021 listing of the world’s pinnacle 50 crypto figures functions an all-male ensemble — a symptom of great gender under-representation through the absence of ladies entirely.
Women nevertheless are afflicted by the difficult legacy of the male-ruled finance ecosystem, be it current limitations to non-public finance or in ascending the rungs of the company ladder. In the Forbes’ 2021 Billionaires List, all twelve crypto tycoons are men. This move was certainly due to the first-mover advantage that these men had but according to Amber who used to work as a blockchain software package lead at JP Morgan Chase says that it is also due to the fact that women don’t get public coverage for their industry-shaping ideas, all thanks to the skewed coverage of media. At the same time, women-led initiatives are seeing abundantly less facilitation throughout the board. 2021 marked the other consecutive 12 months whereby the proportion of girls’ VC investment shrank in spite of general investment stages hitting document highs.
As the discourse on gender disparity in crypto continues to collect steam, the answer needs to cross past hitting variety quotas for the sake of it and rather the focus should be on consciously making sure that ladies have the same possibilities and a conducive environment, beginning from the hiring stage.
When key female executives are nominated for their work experience and industry experience, it is surely a sign that the digital currency industry is trying to end the gender gap. The time is here for the industry to recognise and give women their share of reward for the talent rather than falling into lazy platitudes and fake wins where we act to celebrate diversity just for the sake of it. Women are now occupying a variety of leadership and entrepreneurial roles in the field, and more can be done to break the stigma of cryptocurrency women stuck in stereotypes.
Representation Generates Representation: Exposure to female industry figures will go a long way in encouraging young women trying to enter the industry. But for women to be supported at every stage of their cryptocurrency careers, it is important to consider the wide and deep gender inequalities that limit their abilities to succeed in the workplace. Women worldwide have been found to spend two to ten times more time than men in unpaid care work. This could include household chores and care jobs that focus on children, the sick and the elderly – areas that many companies underestimate. Giving women more flexibility and control over working hours, for example, is just one small step towards success, and the nature of cryptocurrencies as a global, distributed industry certainly facilitates that flexibility.
The key to achievement within the crypto enterprise, however, lies in understanding crypto’s promise as a social and monetary device for freedom. It has the capacity to redefine the monetary enterprise economically and culturally, as it’s far from a street for monetary freedom that could put off age-vintage electricity systems of the conventional monetary enterprise.
Cryptoassets have a lot to offer the financially disadvantaged, and quite often girls are more disadvantaged than boys in this area. Women make up fifty-five percent of the world’s bankless population, indicating that nearly a billion girls worldwide have little or no security, and that’s a nuisance that crypto can help to solve. Of course, the anonymity provided by the blockchain era and the autonomy that decentralised finance (DeFi) offers make cryptocurrencies an attractive option for the lack of economic income that so many girls face. But can the constraints of society limit economic autonomy? Crypto can entitle you to receive a commission in Bitcoin (BTC) like how activists Fereshteh Forough and Roya Mahboob helped masses of Afghan girls, who previously had little control over their finances, to recover their activity. Accept the prize in cryptocurrencies – no husband needed.
All technologies are inherently neutral by design, and this is also true for blockchains. It doesn’t care about your age, gender, race, or socioeconomic status. The prospect of overcoming systemic challenges and providing more financial freedom and independence through cryptocurrencies could not be more welcome and appropriate. In fact, things are looking up with 2021 which will be a defining year for investors. From cryptocurrency trading app Robinhood which saw a 369% increase in female users, to Cardify which reported that women accounted for over 15% of total cryptocurrency deposits – a steep increase of 5 .6% compared to the previous year’s study: It is evident that women are increasingly aware of the potential of cryptocurrencies as a tool for financial empowerment.
Everyone can win when women have financial freedom in disadvantaged communities or on boards that need more diversity. There is still a long way to go as the industry collectively addresses the gender gap and demonstrates that cryptocurrencies are an integral part of the future that everyone has been waiting for.
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