The nascent crypto industry fuses technology and finance — two sectors traditionally dominated by men.
Despite the increased participation of women in the workforce following the Second World War, the Third and Fourth Industrial Revolutions — both characterized by the increasing involvement of tech in industrial and commercial processes — carried the same glass ceiling to advancement for women.
There have been efforts to reduce the gender gap in the tech industry as well as to break the glass ceiling in the 21st century. Yet despite more women entering the tech sector, much work is needed, as the gender disparity in tech-related careers is still glaring.
The blockchain space has significantly expanded since the inception of Bitcoin (BTC), bringing forth a brand-new industry. Web3 could represent a chance for women to be part of the next revolutionary leap forward in tech and finance.
However, are women being included in this revolution, or is the Web3 industry following the same pattern as the legacy financial and technological sectors?
Why is there a low participation from women in the Web3 industry?
Despite women entering the cryptocurrency space and making notable contributions, much work is still needed.
Boston Consulting Group’s (BCG) 2022 analysis of the industry found that only 7% of Web3 founders are women, and among top crypto startups, 27% of employees are women. That gender disparity extends to crypto investors as well.
The data clearly shows low participation from women in the Web3 industry, but what are the reasons behind this?
Cointelegraph asked several women from diverse fields within the Web3 industry for their insights.
Layne Haber, co-founder and CEO of interoperability protocol Connext, told Cointelegraph, “One of the biggest roadblocks is a lack of senior mentors and role models.”
She added that “representation at senior levels is incredibly important, as it can shape how young women view the possibilities for their future.”
To Haber’s point, a 2022 study by Forex Suggest looked into the diversity at several crypto companies and revealed a lack of female role models, with few companies having more than 20% female representation in senior leadership or even one woman on the board.
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This lack of women in senior roles creates a negative spiral where women feel underrepresented and are less motivated to enter a field, she said.
Margot Paez, a fellow at the Bitcoin Policy Institute and a Bitcoin mining sustainability and environmental consultant, told Cointelegraph she thinks the core fields composing the crypto sector may be the cause for the low participation of women:
“The intersection of technology and finance seems to be a perfect storm.”
The presence of men is very high compared with women in both finance and tech. As the BCG research reveals, 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, told Cointelegraph that the Web3 sector might fall into the same trap as other tech sectors, despite its good intentions:
“Despite the decentralized and inclusive ethos of blockchain technology, disparities in leadership roles, funding and visibility for women remain apparent.”
Hsueh emphasized that “unequal access to funding for female-led startups” doesn’t help motivate female entrepreneurs to enter the field.
In a 2023 op-ed, Mariana Krym, the chief operating officer of Vyvo Smart Chain, wrote that out of all Web3 companies that raised more than $100 million, there were no projects with all-female founding teams.
Catie Romero-Finger, the co-founder of Web3 marketing agency Babs, told Cointelegraph that women find it difficult to enter the Web3 space because of its ambiguity.
She said that Web3 isn’t easy to study as a consolidated career; it requires a leap of faith by getting one’s hands dirty and figuring out the path as it goes.
Romero-Finger believes that the uncertainty may be “intimidating for women.” In her opinion, men tend to be comfortable trying something new, even in the face of failure, while women don’t. As she said:
“We don’t talk ourselves up like men or are willing to take as many risks because we simply feel, and maybe we are, called out more often if we fail.”
Sandy Carter, chief operating officer of Unstoppable Domains, agrees with this idea of there being a fear of failure, telling Cointelegraph that women tend to wait to be fully confident to step into a new space.
A 2013 internal Hewlett Packard report reportedly found that women tend to apply for a job once they meet all the requirements, while men will apply if they meet roughly 60% of the conditions.
Carter believes women should dare to take more risks to be able to step into the game, despite not feeling completely prepared.
Discrimination and “bro culture” in the Web3 industry
All the women with whom Cointelegraph spoke could immediately provide incidents in which they felt discriminated against for being women.
Haber mentioned that during her first conference, nobody believed she had technical expertise. “People kept quizzing me about our codebase and my contributions to it.” Similarly, Hsueh felt “challenged to secure funding,” as she “was not taken seriously in technical discussions.”
Romero-Finger mentioned that despite being the founder of her own company, one client would only work with a male executive with whom he was close at her company. Ultimately, she “was forced to take a step back” and let her male team member deal with the client.
Paez highlighted how women tend to receive “more sexualized hate and trolling on social media.”
Carter said she got more attention while posting about tech-related topics on social media under a man’s name.
She also recalls how a bank executive would only speak with her male boss even when she was brought into the meeting as an expert. The situation was so awkward that her boss acted like he was sick and left the meeting abruptly, forcing the banker to talk directly with Carter.
The crypto industry has been accused of having a “bro” culture, and incidents such as the 2018 American Bitcoin Conference ending its event at a strip club haven’t helped.
While the industry has evolved since then, has the culture changed into a more inclusive one?
Romero-Finger believes the industry is still “very bro-focused.” In her experience, she has noticed how her women-led firm benefits when the third partner of her company, a man, is on the call.
In Carter’s opinion, the bro culture is especially hostile to women trying to learn more about the Web3 space, as it’s not open to people asking questions. As a result, she started Unstoppable Women to provide a safe space where women can learn about the Web3 industry.
Solutions for women to enter Web3 and break the glass ceiling
While it’s clear that there is a glass ceiling, things may be changing.
Web3 is still a very young industry that has yet to consolidate. The novelty of the industry offers an opportunity for women to establish themselves at top-ranking levels.
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Haber sees an “enormous amount of potential for women to shape their leadership trajectories.” However, women shouldn’t wait too long, otherwise it could become a male-dominated sector with a solidified glass ceiling. Romero-Finger called out to encourage women to step in:
“We are all learning here, so there is no imposter syndrome. It is a great opportunity to dive in, and women need to learn to dive in more!”
Some of the most useful ways to gather more visibility and support include “initiatives such as women-led blockchain education programs, networking events and targeted scholarships,” according to Hsueh, who thinks promoting stories of successful women can encourage and motivate others to join and innovate in the Web3 space.
