- There is a major gender disparity in the blockchain ecosystem.
- The majority share of blockchain funding goes to male-led projects.
- The number of female-led startups has experienced a downturn since the beginning of 2022.
The cryptocurrency industry has long grappled with the challenge of gender imbalance, evident in the underrepresentation of women across the ecosystem. Women constitute a significantly lower percentage than men in crypto investing, development, and enthusiasm, mirroring the long-ingrained imbalance in traditional investment.
However, the imbalance transcends mere participation and ownership, extending into the core of leadership roles and impacting the success rate of women in funding allocations.
Bitget Reports Gender Gap in Blockchain Funding
A recent Bitget study has revealed the predominance of gender bias within the crypto industry, particularly in blockchain startup funding, where over 90% of funding goes to male-led projects.
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Conducted over two years, the study highlights that while male-led startups attracted $27.85 billion, female-led blockchain startups only raised $1.77 billion, approximately 6.34% of the overall amount.
Investor bias is the primary contributing factor to the disparities in funding for female-led startups, general investing trends, and overall crypto market sentiment. Female-led blockchain startups have also been impacted by sensitivity to negative shifts over-optimistic trends, resulting in a 45.2% decline in initiatives since 2022.
Bitget Managing Director Gracy Chen asserted the importance of fostering gender balance within the industry.
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“The disparities illuminated by our study serve as a poignant reminder that we must proactively strive for an ecosystem where talent and potential are the sole criteria, devoid of gender bias. Our commitment remains resolute in fostering an inclusive environment, where everyone, regardless of gender, enjoys equal opportunities within this transformative sector,” she stated.
As an advocate for gender inclusivity, Chen has consistently emphasized the need for equal opportunities within the industry.
Gender Balance in Crypto Imperative
Speaking to DailyCoin in December, Gracy Chen underscored the persistent gender bias against women.
She highlighted personal experiences that portray the obstacles often encountered by women seeking to assume leadership roles within the industry, where they are overlooked.
“For example, when I was raising capital for my own company a few years ago, a VC said to me bluntly, “Gracy, we like your project, but we don’t invest that much in female entrepreneurs, especially those who just got married and haven’t had kids yet.” That was my life stage at the time. Therefore, I think there is a bias towards women sacrificing their career for their families,” she said.
She emphasized the importance of creating more pathways for women to thrive within the ecosystem, urging women not to hesitate to make bolder strides.
“Forget your gender; just work on your competitive edge and deliver the result!”
The Bitget managing director encourages the need for capable incubators dedicated to nurturing female-founded startups to create a more supportive environment for their development.
On the Flipside
- Despite the downward trend, the share of female-led startups has shown a slight 0.3% increase, rising from 8.3% in 2022 to 8.6% by Q3 2023.
- According to a 2023 report, only three out of the top 50 CEOs in the crypto industry are women.
- Blockchain startup fundraising witnessed a 70.1% quarterly decline from Q1 2022 to Q3 2023.
Why This Matters
The gender imbalance in the blockchain ecosystem underscores the pressing need for proactive measures to foster an inclusive and equitable ecosystem.
Read more about the leading women in crypto:
Celebrating Women in Crypto: 6 Iconic Leaders from 2023
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