In recent years, the world has witnessed a significant rise in the popularity and adoption of cryptocurrencies. With the emergence of blockchain technology, the crypto industry has become a force to be reckoned with. However, despite its exponential growth, there is still a noticeable gender gap within this male-dominated sector.
According to the latest research from various sources, women now represent only a small percentage of the entire global workforce. For instance, according to the Global Gender Report 2023, made by World Economic Forum (WEF), between 2019 and 2020, the global women’s labor-force participation rate declined by 3.4%, as compared to 2.4% for men.
Analysts from CeFi platform Grineo as per the special request of Blockonomi explored the gradual changes being seen in gender disparity in the crypto and blockchain industries.
Gender Disparity in the Workforce
Women have been (re-)entering the workforce at a slightly higher rate than men since then, resulting in a modest recovery in gender parity. Between the 2022 and 2023 editions, parity in the labor-force participation rate increased from 63% to 64%. However, the recovery remains unfinished, as parity is still at the second lowest point since the first edition of the index in 2006 and significantly below its 2009 peak of 69%.
In the crypto industry, this gender disparity is even more pronounced. Currently, women represent just a fraction of the workforce in the crypto industry, with the number hovering around 10-25% according to various data. Despite comprising almost, a quarter of the crypto industry’s workforce, women remain drastically underrepresented as founders and partners.
Crunchbase says that a mere 3% of crypto businesses are led by female visionaries, while a meager 12% of fund partners in the industry are women. To add to the disparity, a paltry 4 out of 100 of the world’s top crypto companies boast at least one female co-founder.
Promoting Inclusivity in Crypto
Gender discrimination in the tech industry is a known issue, with crypto being no exception. On January 15, 2024, Google Analytics data gathered by Coin.Dance revealed that the Bitcoin community was 85.77% men and a mere 14.23% women, highlighting a stark gender disparity in engagement. Meanwhile, the percentage of professionals who have faced gender discrimination keeps growing, from 21% in 2021 to a concerning 26% in 2022 according to a study done in April 2023 by Dice, the tech career marketplace from a DHI Group, Inc. brand (NYSE: DHX), with 5.9M members in the United States. However, there is a major and ongoing drive to promote female inclusivity in crypto and blockchain. At least a dozen organizations have been established to provide mentorship opportunities and networking events for women in crypto, such as Global Women in Blockchain, CryptoChicks, Women in BlockChain, State of Women, Women in Blockchain Community, The Association for Women in Cryptocurrency, Women Do Crypto and more.
Furthermore, the importance of role models cannot be overstated. And we see that thriving in crypto field is not just possible, it’s inevitable as we shine a spotlight on trailblazing females, including Elizabeth Stark of Lightning Labs, He Yi of Binance, Nicole Muniz of Bored Ape Yacht Club NFT collection, blockchain advocate Caitlin Long, ARK Invest founder Cathie Wood, LinkedIn tech influencer Cathy Hackl, data privacy champion Brittany Kaiser, Hut 8 CEO Jaime Leverton, Black co-founder Audrey Akwenye, Impactful Artistry founder Lianna Adams, and Climate Chain Coalition MENA lead Amna Usman Chaudhry and many others. These role models serve as an inspiration and prove that gender should not be a limiting factor in pursuing a career in crypto.
While progress has been made, there is still a long way to go. However, crypto ownership among women rose significantly, from 18% in 2023 to almost 30% at the start of 2024, as Security.org analysts indicate, a promising number of things to come for the future. Chief Expansion Officer of Grineo, Olesia Kostieieva, commented on recent industry events that Grineo sponsored in Australia.
“We noticed at The Blockies and the Australian Crypto Convention 2023 that the audience is now 20 – 30% women, which is a lot more than in years gone by! As a woman in crypto, it’s great to see the demographic grow to include more people interested in using digital assets in the real world.”
With continued efforts to bridge the gender gap, it is expected that women will represent a larger proportion of the workforce in the crypto industry.
Diversity Benefits the Crypto Industry
So, why does crypto need more women? The answer lies in the benefits of diversity. Studies have shown that diverse teams outperform homogeneous ones in terms of innovation and problem-solving. By bringing more women into the crypto industry, a wider range of perspectives and ideas can be incorporated, leading to more inclusive and robust solutions.
Additionally, women have unique qualities that make them valuable assets in the crypto space. Studies suggest women tend to be more risk-averse and more open to new solutions, as well as diligent and detail-oriented when it comes to running a client portfolio, traits that are highly sought after in an industry that requires careful attention to security and accuracy. By leveraging these strengths, women can contribute to the development and advancement of the crypto industry.
Looking ahead to 2024, it is clear that crypto needs more women. The industry is evolving rapidly, and inclusivity is crucial for its continued success. By encouraging and supporting women to enter this field, we can create a more balanced and prosperous crypto ecosystem.
Future Trends for the Crypto Workforce
Despite the persistent gender gap plaguing the industry, the future of women in crypto appears bright, and future trends in the blockchain industry indicate a positive shift towards greater gender diversity. With women now representing a significant portion of the global workforce, it is only a matter of time before they have a more substantial presence in the crypto industry.
However, this progress requires continuous efforts from all stakeholders to ensure equal opportunities and support for women in this emerging field. By embracing diversity and inclusivity, the crypto industry can unlock its full potential and thrive in the years to come.
About Grineo
Grineo is a company based in Australia that offers a range of products and services related to digital currency. Their main product is the Grineo wallet and debit card in one app, which provides users with an intuitive interface and advanced trading features for managing their digital currencies. Grineo is headquartered in Sydney and is fully regulated by the relevant authorities. The company is backed by a team of experts in banking and financial technology (FinTech). To learn more about Grineo and their offering to get a free live card, you can visit their website at https://grineopay.com .
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