New Industry, Same Issues — Diversity in Crypto

As with any startup, here at Trust Wallet, we do a lot of data analysis to build a better product to grow. A couple days ago, while looking at website traffic sources, we noticed an interesting graph. It shows our Trust Wallet website visitors by gender:

Trust Wallet website visitors by gender, Google Analytics

We were surprised. Does the data collected really show the true representation of women in the cryptocurrency world? Is it really only 5.7% of digital currency investors that are women or is it that our audience is so skewed? So we decided to dig deeper. How does that compare to gender breakdown in tech? Thanks to Square’s diversity report, we found that number quickly — only 18.8% of employees in tech are women.

So we asked ourselves a different question — how diverse is our industry, really?

Since we don’t have access to employee data sources or resources to run comprehensive surveys, how can we get meaningful results? After some brainstorming, here is what we decided to do:

  • Leverage twitter API to get followers for popular crypto accounts
  • Run names of people in crypto through a service called Genderize to get a sense of followers’ gender (we are not trying to be precise, but we want to be directionally correct)

So let’s take a look at the results. Below is a list of accounts we checked based on the top crypto accounts from marketwatch. You’ll notice 100% are men.

To keep analysis quick and cheap we:

  1. Took a random sample of 300 accounts from 5,000 followers of popular crypto accounts
  2. Ran Genderize to identify gender of the account owner based on their first name
  3. Calculated the percentage of males and females, filtered out business accounts
Followers of popular crypto accounts on twitter by gender

As you can see, distributions are roughly similar for most twitter accounts (except for Alexia’s) and are analogous to the Square’s diversity data.

It turns out that our young, open, global, distributed industry has the same diversity problems as old tech.

We know that the problem we discussed is much bigger than just a couple of twitter accounts. Cryptocurrency is supposed to be blazing the trail so let’s at least try to be more aware of the outside world and become more diverse.

As Bo Ren said:

Do your part. Don’t become complicit in this broken system. Let’s take a new look into diversity and solve its growth problem. Together, we can do this.

Thanks for reading.

Follow and share the work of these amazing women who work in the crypto space or write about it (among many others). This raises awareness of their work and might even encourage others in the space to share their knowledge too. Sarah Hody (Perkins Coie), Laura Shin(Forbes), Kathleen Breitman (Tezos), Jill Carlson (Tezos), Carolyn Reckhow (ConsenSys), Maria Gomez (Aragon), Neha Narula (MIT Media Lab), Amber Baldet (JPMorgan), Meltem Demirors (Digital Currency Group), Lily Liu (21), Tess Rinearson (Chain), Elizabeth Stark (Lightning), Nathalie McGrath (Coinbase), Kathryn Haun (Coinbase board), Anastasia(University of Waterloo), Paige (Zcash), Andy Coravos (Elektra Labs), Galia Benartzi (Bancor), Angela Tran Kingyens (Version One Ventures) as well as the women listed in this thread, interviewed in Meltem’s Women in Blockchain series, and listed in Tays Fave Women.

Source: Woman in Crypto blogpost by Linda Xie.