The cryptocurrency world has seen exponential growth in the last decade, with technological innovation being a driving factor for transformation and disruption in the sector. In this evolving landscape of blockchain and cryptocurrency, acknowledging and fostering gender diversity has become a vitally important aspect.
It is imperative to recognize the contributions and perspectives of individuals across the gender spectrum, including men, women and non-binary individuals, to ensure the development of a more inclusive and equitable professional ecosystem.
This article particularly focuses on women and explores the current state of women in crypto and blockchain, contrasting it with traditional sectors such as fintech, healthcare and retail. By examining statistics, exploring gender dynamics and highlighting the experiences of women pioneers, the article sheds light on the challenges and opportunities for female representation in crypto and its contrasting dynamics with traditional business landscapes.
Gender diversity in crypto and blockchain
Cryptocurrency is a relatively new field, with the first discussion emerging in 2008 with the elusive Satoshi Nakamoto dropping the Bitcoin white paper. Few embraced it, some cursed it, while others were left unsure, but what emerged over the next decade was dominant male participation and a following for the Bitcoin (BTC) holy grail, giving birth to the term “Crypto Bros.”
However, given its on-chain nature, one of the ethos that blockchain and crypto proponents strongly support is decentralization — removing power vesting in a single entity, a fair chance at creating a more inclusive financial environment. So, can the power and participation be vested in one gender entity?
Today, the true power of blockchain is changing the picture, with an increasing number of women making significant strides as investors, founders and skilled talent in the cryptocurrency and blockchain space. “Crypto Gals” are officially here to walk hand-in-hand and drive a more talent-driven, all-gender-inclusive blockchain future. The journey is just starting, albeit with a long road ahead.
Women investing in blockchain and crypto
A research study by the eToro crypto exchange in May 2018 studied gender data in crypto markets from March 2017 to February 2018 and revealed that up until then, the industry had low female participation in cryptocurrency investment — with men making up 91.5% of all investors worldwide and women only accounting for 8.5%. Six years later, there is a strong growth in women’s involvement led by Millennials, young Generation Z audiences and women in developing economies, especially in Asia, with India and Vietnam taking a strong lead.
As of 2023, cryptocurrency ownership data shows over 420 million digital currency users worldwide. 37% of these 420 million global crypto holders are women, almost close to 155 million. Asia alone accounts for 263 million digital currency investors, with India leading with the highest number of crypto investors at 93 million, followed by Vietnam.
For Vietnam, this stands at 12 million female cryptocurrency owners, or 24% of the female population. The Philippines comes in second with 9.6%, representing over 5.5 million female cryptocurrency owners. Nearly 10% of women in India own cryptocurrency. India ranks third in population percentage but stands first worldwide in sheer numbers (63 million women in India own crypto).
Upon comparison of the data in the above study, Vietnam, with a difference of just six percentage points between male and female ownership, signified that female access to digital currencies is being supported by the local culture.
Other emerging economies like Indonesia, Kenya and Colombia also reflect a positive trend for women crypto investors.
Women’s participation in crypto jobs and entrepreneurship
Although the number of women using and investing in crypto is growing, the job market scenario looks different. As of 2023, limited available reports and data due to the 2023 market layoffs suggest that women hold some 26% of all jobs in the crypto industry, while only about 6% of the top leadership roles are held by women, with 94% of CEOs being male.
Women are taking on roles in development, project management, marketing, design, finance, human resources, legal and other areas within blockchain and crypto companies. There remains a notable shortage of women in core development and technical areas. The industry, known for its innovation, has struggled to attract and retain female talent in these crucial roles. Add to this leading industry verticals like nonfungible tokens (NFTs) and Web3 gaming, and the decline is steep.
Encouragingly, Bitget, a prominent cryptocurrency exchange and Web3 enterprise with women in top roles, such as Gracy Chen (managing director), has introduced the Blockchain4Her project at the World Economic Forum 2024. This initiative, designed to champion gender diversity and inclusivity within the blockchain industry, comes with a substantial commitment of $10 million. The aim is to address this gap by fostering an environment that actively promotes and supports the inclusion of women in all facets of the blockchain ecosystem, including technical and developmental roles.
Clara Bullrich, co-founder and general partner at TheVentureCity and co-founder at Ola GG, a subDAO of Yield Guild Games, concentrates on funding female and non-gender-specific initiatives. “I’ve seen in crypto that there’s very few women, and I want to push that as much as I can,” she said.
Victoria Gago, co-CEO of the European Blockchain Convention (ECB), while showcasing the list of blockchain speakers on LinkedIn, confirmed to Cointelegraph that female attendees and speakers have grown steadily. She mentioned that while it was challenging to find female representatives in the crypto scene years ago, women represented 30% of the speakers at the ECB in 2023. The situation, however, was different at the 2023 Korea Blockchain Week, with fewer female speakers.
Women’s participation in fintech, healthcare and retail
To examine the landscape of women in crypto and blockchain, it is crucial to draw comparisons with their counterparts in traditional sectors.
Shiela Warren, CEO of the Crypto Council for Innovation and voted one of the most influential women in D.C. by the Washingtonian in 2023, highlighted that while diversity and inclusion are valued higher in the crypto space than in traditional finance, in terms of the realistic picture, there are major obstacles to overcome.
A Deloitte study in 2023 highlights the gender gap in fintech, stating that 30% of the fintech workforce is female and only 17% of senior fintech roles are held by women, while Ernst & Young supported a similar picture. However, the fintech sector has matured faster, thanks to the amalgamation with the traditional banking industry in many countries, and is now actively promoting and supporting women in various roles.
Asia has the highest proportion of female founders at 7.7%, followed closely by Africa at 7.4% — this compares to North America at 4.8% and Europe at 6.5%. Initiatives such as mentorship programs, diversity and inclusion policies and targeted recruitment efforts have led to a more balanced representation in the fintech space. The comparison highlights that there are valuable lessons to be learned from the inclusive practices being introduced in the fintech sector.
The healthcare industry, on the other hand, has historically seen a higher representation of women, especially in roles related to nursing and administration. Women account for 67% of the global health and social care workforce. The World Health Organization estimates that women play a role in providing healthcare services to around 5 billion of the world’s population. However, regarding leadership positions such as chief information officers, chief technical officers or chief information and security officers, women comprised only 22% of the top tech positions, as per Boardroom Insider’s 2021 report.
However, the sector is more multifaceted than most others. The crypto industry can draw many lessons from healthcare’s wider acceptance of race, ethnicity, gender, sexual orientation, immigration status, physical disability and overall holistic approach as an industry vertical.
The retail sector has shown mixed results when it comes to gender diversity. While there is often a higher representation of women in customer-facing roles, leadership positions are still predominantly held by men. McKinsey’s study on retail sector diversity and inclusion brings forth an interesting framework that leaders in the crypto and blockchain arenas might find valuable for adoption.
The crypto industry can draw insights from the successes and challenges women face in retail, shaping policies that foster a more balanced representation in decision-making positions.
Shaping an inclusive future for women in blockchain
As the crypto and blockchain industry evolves, the comparison with traditional sectors becomes increasingly apparent. While challenges persist, the industry has witnessed a positive shift, with initiatives, growing female participation and changing landscapes reflecting the potential for a more inclusive future.
The lessons from traditional sectors stress the importance of proactive measures and inclusivity in shaping a balanced and diverse future for women in blockchain. Embracing these will be pivotal in shaping an equitable blockchain landscape for all.
Disclaimer: Crafted by an all-gender-inclusive team of writers, editors, designers and media personnel, this article aims to promote an unbiased exploration of women in the cryptocurrency and blockchain industry. We intend to contribute positively to discussions on creating a more equitable and inclusive future within this space.