Crypto Is Booming. But Where Are the Women?

Anyone?

Crypto Is Booming. But Where Are the Women?

Introduction

Among the potential factors for the collapse of “a speculative bubble” in cryptocurrencies are sharp price hikes and a lack of legitimacy. But other reasons (not related to the economy) provoke another protracted debate on the matter. One of them is the lack of gender equality in the crypto industry.

Repeated polls confirm the absolute dominance of men in the digital asset market. According to a study conducted by Google, less than 3.5% of cryptocurrency users are women. Bitcoin investors reaped profits worth $85 billion in 2017, and only $5 billion of that was earned by the better half of the world.

That alarming situation is a source of major concern for some analysts. Men are more likely than women to become problem gamblers. They tend to do things impulsively, and as a result, traders’ and investors’ actions provoke the appearance of economic bubbles, periods of rapidly increasing values for assets that may end up outstripping their real value. The point is that successful deals result in increased testosterone levels, thereby provoking male investors to take risky steps and increase their investments. Women, in turn, are more reasonable when it comes to possible losses.

We have never seen any security, currency, or other class of financial assets with such a persistent gender gap. This gap is based on the fact that all economic industries are traditionally exclusively male-dominated. Additionally, trading requires logical thinking, specific knowledge, and experience.

According to Fortune Magazine, women have yet to lose hope of becoming part of a profitable segment. For example, only 13% of startups are female-founded. Because the segment needs employees in various industries, such as economists, entrepreneurs, traders, and even cryptographers, women have every chance to realize themselves in a seemingly unfriendly market.

Why Does the Crypto World Need Women?

For starters, the reason why crypto-inspired companies should worry about a lack of female participants in the market is simply about figures. Mainstreaming crypto depends on user and volume growth, and women represent a huge base of untapped users. They literally make up 50% of the population!

Interest in crypto is heavily skewed toward men. Why are there so few women in the space? This lack of women is a big problem for the digital currency industry. Devs expect their virtual coins to be widely accepted and be able to compete with fiat. But paper money is neither male nor female. All of us, regardless of gender, equally earn and spend it. Therefore, it is quite difficult to imagine a “purely male mass adoption of crypto.” If we talk about the future development of the cryptocurrency sphere, women are simply necessary, just like any other area of life. Let’s celebrate gender neutrality together!

The virtual currency markets went through a boom at the start of 2018. Many people suddenly got rich overnight, crypto enthusiasts began to develop new projects, and the industry gained prestige, attracting more and more users. Even if the crypto industry is considered a “man’s” business, it should not prevent women from trying their hand at it.

Connie Gallippi, the CEO of BitGive, notes that the crypto world has a lot of women, but they should be recognized and supported the same way men are. Margaux Avedisian, the founder of Bitcoin Capital Partners, also shared her view, stating that we should attach greater importance to women’s achievements.

A Woman’s Place Is in Blockchain

Women should pay attention to crypto. Otherwise, the men are going to get all the wealth — again. It makes sense. But how can we attract more women into the blockchain space?

A Woman’s Place Is in Blockchain

TokenPay, a Switzerland-based startup eager to attract more women to the crypto world, acquired a 6.2% stake in Naked Brand Group. NAKD is an apparel manufacturing company with a diverse portfolio of brands, perhaps the best-known of which is supermodel Heidi Klum’s Intimates line. “We decided to purchase shares of NAKD common stock, as the management of the company is interested in studying Blockchain Tech. It also operates iconic fashion brands with $100 million, mostly to women. This should increase female awareness of the crypto world,” TokenPay explained. The startup also hinted that people may soon be able to purchase underwear using crypto.

China is empowering women in the crypto sphere with the Tencent-owned WeChat, a multipurpose messaging, social media, and mobile payment app. Twitter and YouTube are prohibited by the government, so WeChat (the Chinese version of WhatsApp) is where people can stay in touch with friends and family online. Each blockchain project can have 50 or more WeChat groups with 300–500 participants each. One of those groups is called “Blockchain Ladies.” It is a virtual place where strong women inspire other strong women. This community plays a huge role in ensuring the growth of opportunities for Chinese women in the crypto sector, as well as unites them, providing the opportunity to discuss projects, share knowledge, and encourage one another. This group includes some of China’s most influential women in the blockchain space, and the network really has incredible capabilities.

Circle, a peer-to-peer payment technology company, believes that making quality educational resources available to more people will help in this issue. To date, the company has added Circle Invest, a digital-asset investment app for individual investors. The company hopes that the app will make it easier for people to navigate the cryptocurrency universe after simple and accessible explanations. Divya Agarwalla, the head of Circle, noted that many applications in the field of cryptocurrencies are aimed at experienced users and focus on a male audience. According to the results of the study, men invest in cryptocurrency twice as much as women. According to Coin Dance, men make up approximately 95% of the Bitcoin community. Circle wants to attract a new user base, and it is determined to become the “PayPal for cryptocurrency.”

Kelsey Cole, the co-founder and CSO of Adbank, notes that every woman can take baby steps to participate in the cryptocurrency industry. Properly motivated, women can engage in trading, become successful investors, or pursue a career at a blockchain-based company. To do so, you need to:

  • Set up a crypto wallet, save the private key, and get familiar with the wallet’s working principle.
  • Become an active member of the crypto community. Social activity not only increases knowledge but also allows you to create a reputation, which is precious for career growth.
  • Carry out market research, explore Blockchain tech, and stay tuned to news from the cryptocurrency world. Awareness and diligence are important signs of success, both from a career perspective and in terms of investment.

Putting the “F” in “Fintech”

Fintech startups promise a bright future for the financial industry, but despite their innovative approach to business, they still suffer from gender inequality. A study by ASTBURY, a recruitment services provider, has shown that leading fintech companies are lagging behind more traditional institutions regarding equal rights between men and women.

Putting the “F” in “Fintech”

In the top 50 fintech startups in the UK, only 9% of leadership positions are held by women. Among non-fintech companies, this figure is higher: the number of female chief executives averages 18%. The study also showed that 69% of financial startups were staffed with male employees only.

Adam Jackson, Astbury Marsden’s managing director, commented on the situation: “The focus on different outlooks on management perspectives can benefit the industry. However, there are risks that this diversity will be difficult to cope with. FinTech companies should not ignore this problem.” Lloyds Banking Group is a positive example to be emulated in the future. For the first time, Lloyds has employed 80 female clerks.

Nonetheless, many ladies have produced excellent results in fintech. Can we talk about these extraordinary women for a second?

Danae Ringelmann was listed as a Young Global Leader in 2016 by the World Economic Forum. She launched Indiegogo, a crowdfunding platform that doesn’t specialize in any type of campaign, to democratize capital and create equal conditions for entrepreneurs. Well, she achieved her goal. Indiegogo accepts all kinds of projects for fundraising. Ringelmann explains why women have succeeded in crowdfunding: “Women, as a rule, express their feelings and emotions describing projects, write about relationships. It just brings more attention than the plain persuasions of men to invest in their projects.”

Maggie Wu is the chief financial officer at Chinese tech giant Alibaba. She also oversees the Alipay payment platform. Wu has many female colleagues in leadership positions. One-third of Alibaba’s co-founders are women. Alibaba’s market value rose to just above $257 billion in 2015, which is $100 billion more than the value of its American competitor, Amazon. “We continue to implement our growth strategy. We’ve taken advantage of the fact that we invest in new initiatives to attract new users, improve services provided to clients, and expand the range of products,” says Wu, commenting on the company’s success.

Marta Krupinska was born in Poland, where she created an online travel portal called Travel Nity in 2008. Later, after moving to the UK, she had difficulty sending money abroad. That was her trigger. She created Azimo, an international money service for transferring funds all over the world. Krupinska, in her own words, dreams of turning Azimo into a verb. Instead of saying, “I need to send money home,” people will use a catchy phrase, “I Azimo money.” According to Krupinska, attracting more women to fintech is good for business. “Research has shown that in 60% of the cases, startups with women at the helm are more successful than startups led by men,” Krupinska claims.

The grand takeaway here? If you want more female crypto users, add more women to the crypto workforce. Perhaps, their perspective, amazing ideas, and technological improvements will boost the development of cryptocurrencies and the blockchain, helping to make them the best they can be. The more people of different ages, genders, races, and ethnic groups, the faster the blockchain will reach new heights.

The Most Feminine Coin in the World of Crypto

Are you aware of the most feminine token, WomenCoin (WOMEN)? According to the official website, this token was created by women for women. In fact, the vast majority of the development team are ladies.

WOMEN is a decentralized open-source cryptocurrency that allows users to make both anonymous and transparent transactions. All data related to payments is recorded in the public blockchain, but the name of the sender, recipient, and transfer amount are hidden. The project has hosted its source code on GitHub.

Although the cryptocurrency is quite young, and it is still difficult to compare it to more well-known and large virtual coins, it’s just more proof that women feel comfortable in the space.

Final Words

Recently, there has been a slight trend towards an increase in the number of women in the cryptocurrency community. Some services and public organizations support the aspirations of the better half of the world to be on the same page as men in this area. Unfortunately, it is a mere drop in the ocean for now.

Every woman deserves to jump onto this new technology and system and bring her resources to the table. Here is a little secret: You cannot “lose”; you can only learn. Don’t waste your time. Become a financial feminist right now. Crypto needs you — if you’re a woman, that is.

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