It is true that cryptocurrencies, Web3, and blockchain have developed into an interesting, exciting, and rapidly moving subsect of a modern finance industry, but gender bias remains in its historical forms.
While cryptocurrency first stepped onto the financial scene over a decade ago, the mainstream popularity of digital currency has only gained real traction over the past few years.
As the sector has gained momentum, a range of people interested in investing or working with crypto have been drawn to the industry, however it remains primarily dominated by men.
Both data and anecdotal evidence show that women have still been underrepresented in finance and technology. This has translated to a lower participation rate in cryptocurrency and blockchain.
In January 2024, Google Analytics data gathered by Coin. Dance found that the Bitcoin community, the first decentralized cryptocurrency, was 85.77% men and just 14.23% women.
Similarly, the Web3 Compensation Report for last year found that women in the sector earned 46% less than men on average.
Kath Denton, Head of Custody at CoinCover, believes that crypto has “still a long, long way to go until true [gender] equality is achieved”.
“Only a quarter of the workforce in crypto are women, and the percentage of women in leadership roles is pathetically low at around 6%,” she tells Azzet.
With four years in the industry herself, Denton acknowledges that while she faced the usual learning curve of starting any new job, it was exacerbated by the “extreme technical nature of the industry”.
“Despite having an extensive background in operations…and a whack of transferable skills, some people didn’t think I should be in a crypto organisation because of my lack of crypto knowledge,” she says.
“This added to the pressure of having to prove myself in a male-dominated environment, which women generally find difficult anyway.”
But what about those already in the thick of it?
Even women carving out their own crypto spots report further challenges around safety and inclusion.
The Association for Women In Cryptocurrency, a group “advocating for the equal inclusion of women in the future of digital finance and innovation” partnered up with Diversio, a DEI Platform, for a report on the current status of inclusion within the sector.
The inaugural State of Inclusion Report for 2024 found that the top inclusion difference in crypto was gender. The greatest difference existing between white straight men and non-white LGBTQ+ women.
And while LGBTQ+ individuals reported feeling unsafe at a higher rate overall than heterosexual peers, this difference was still largely driven by the significant concerns scored by LGBTQ+ women instead of LGBTQ+ men.
Further findings from the State of Inclusion report back this up, with a significantly higher percentage of women reporting the industry as not free from harassment. This is compared to men, coming in at 82% and 48% respectively.
Confidence is key
When it comes to pushing past these factors and powering through to be a woman in crypto, Denton has some key advice: confidence.
“Ignore the bollocks - and there’s obviously more than one way of interpreting that," she says.
“Have confidence in your skills and capabilities and understand that the industry needs your experience and thinking to progress.”
“Crypto is such an exciting industry to be in, still relatively new, and there’s a massive opportunity for women to make their mark and help it develop into not only a mainstream investment platform, but a truly innovative space that challenges the archaic norms of traditional finance systems.”
While change may be slow on the gender equality front, Denton has faith that there is a future where being a woman in crypto is a non-issue.
“I’m an advocate for integration. Men-only spaces are now pretty much universally frowned upon, and I think we’d be taking a step backwards to create women-only spaces [in crypto] as men did,” she tells Azzet.
“How can we bring about change if we’re not talking to the people who need to understand why we need it, and help us deliver it?”