The emerging crypto industry combines technology and finance, which have traditionally been male-dominated sectors. Despite the increased participation of women in the workforce after World War II, the integration of technology into industrial and commercial processes during the Third and Fourth Industrial Revolutions maintained the same glass ceiling for women’s advancement. Efforts have been made to bridge the gender gap and break the glass ceiling in the tech industry in the 21st century, but there is still much work to be done, as there is a noticeable gender disparity in tech-related careers.
The blockchain space has experienced significant growth since the introduction of Bitcoin, creating a new industry known as Web3. This presents an opportunity for women to be part of the next technological and financial revolution. However, it is important to question whether women are being included in this revolution or if the Web3 industry is following the same patterns as the traditional financial and technological sectors.
There is a low participation of women in the Web3 industry, despite some women entering the cryptocurrency space and making notable contributions. According to a 2022 analysis by the Boston Consulting Group (BCG), only 7% of Web3 founders are women, and women make up only 27% of employees in top crypto startups. 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, highlighted the lack of senior mentors and role models as one of the biggest roadblocks. She emphasized the importance of representation at senior levels in shaping young women’s view of their future possibilities.
A study by Forex Suggest found that there is a lack of female role models in several crypto companies, with few companies having more than 20% female representation in senior leadership or even one woman on the board. This lack of women in senior roles creates a negative cycle where women feel underrepresented and are less motivated to enter the field.
Margot Paez, a fellow at the Bitcoin Policy Institute, suggested that the core fields of finance and technology, which make up the crypto sector, may be contributing to the low participation of women. The presence of men is significantly higher than that of women in these fields. The BCG research also indicates 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, warned that the Web3 sector may fall into the same traps as other tech sectors, despite its good intentions. She highlighted the unequal access to funding for female-led startups as a demotivating factor for female entrepreneurs.
Catie Romero-Finger, co-founder of Web3 marketing agency Babs, mentioned that the ambiguity of the Web3 space makes it difficult for women to enter. She believes that Web3 is not an easily defined career path and requires taking risks and figuring things out along the way. Romero-Finger suggested that this uncertainty may be intimidating for women, whereas men tend to be more comfortable trying something new, even in the face of failure.
Sandy Carter, chief operating officer of Unstoppable Domains, agreed with the idea that there is a fear of failure among women. She emphasized the need for women to dare to take more risks, even if they don’t feel completely prepared.
The women interviewed by Cointelegraph also shared incidents in which they felt discriminated against for being women in the Web3 industry. They mentioned instances of being questioned about their technical expertise, not being taken seriously in technical discussions, and facing more sexualized hate and trolling on social media. The industry’s “bro culture” has been a hurdle for women, with incidents such as conferences being held at strip clubs.
While the industry has evolved, there is still a perception that it is very “bro-focused” and not open to people asking questions. Initiatives such as women-led blockchain education programs, networking events, and targeted scholarships can help gather more visibility and support for women. Promoting stories of successful women in the Web3 space can also encourage and motivate others to join and innovate.
In conclusion, the Web3 industry has a low participation of women, and there are various reasons behind this, including a lack of senior mentors and role models, unequal access to funding, the nature of the core fields, and the industry’s “bro culture”. However, there are opportunities for women to establish themselves in top-ranking positions in the emerging Web3 industry, and initiatives to promote women’s visibility and support can help break the glass ceiling.