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Women in Web3: Foundational or Few and Far Between?

Last Updated March 8, 2024 3:00 PM
Teuta Franjkovic
Last Updated March 8, 2024 3:00 PM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Cryptocurrency can be a tool for financial freedom and innovation, paving the way for a more inclusive Web3.
  • Despite this, women in Web3 continue to face obstacles due to stereotypes and a lack of representation.
  • A report found a major gender gap, with far fewer female founders and executives in Web3 startups.
  • The study highlighted the importance of promoting women in leadership roles.

Cryptocurrency stands as a symbol of individual freedom. It potentially offers an equitable platform for everyone to innovate and prosper. This should, hopefully, lay the groundwork for widespread adoption and realizing Web3‘s potential.

This vision represents the ideal scenario where digital currencies empower every participant equally.

A Vision of Freedom and the Ongoing Quest for Gender Parity

Nonetheless, the journey towards achieving genuine equality is fraught with challenges. This spurred Hacken ‘s research into the current state of gender parity within Web3.

Despite the progress and opportunities within the Web3 ecosystem, women continue to confront deep-seated gender stereotypes. The prevailing view of cybersecurity and, by extension, the broader tech industry as domains primarily for men introduces additional hurdles. This perpetuates a gender divide, underscoring the need to dismantle these stereotypes and promote inclusion.

International Women’s Day offers a critical moment to explore and grasp the gender dynamics at play within the Web3 space. Hacken’s research aims to do this. The organization recognizes possessing solid data helps guarantee the advantages of a decentralized future are accessible to everyone.

Exploring Gender Representation in Web3: A Comprehensive Report

Hacken’s report  delves into the state of gender representation among founders and C-level executives in Web3 startups established from March 1, 2023, to February 29, 2024. It extends its analysis to the visibility and influence within the crypto community. The study also examines genders and voices across leading crypto media platforms and among the top 100 Web3 influencers on Twitter. This investigation, ultimately, aims to shed light on the gender dynamics prevalent within cryptocurrency.

The findings provide a critical overview of inclusivity and diversity within the Web3 startup ecosystem. Highlighting the significance of female leadership and co-founder roles in technology ventures, the report underscores their essential contribution. Despite the benefits women bring to the table, including unique perspectives and enhanced problem-solving, the disparity is stark. Male founders and leaders outnumbering their female counterparts nearly nine to one. This imbalance points to the need to bridge the gender gap, fostering a more inclusive and diverse industry landscape.

Gender division
Credit: Hacken

Among 80 startups analyzed, only 10 have at least one female founder.

The data also reveals that the 44 of these startups, were co-founded by at least two individuals. A smaller portion of startups have either a single founder or three founders. Remarkably, only one startup was documented without any information regarding its founders.

Addressing Gender Imbalance in Tech: A Call for Transformation

The analysis of 80 reveals a stark gender imbalance, with a notably low number of female founders and C-level executives. However, this disparity offers an opportunity for change, particularly through the influence of prominent platforms. The underrepresentation extends to media visibility. For example, in a review of 1000 tech-focused articles, mentions of female experts were significantly less than those of males. Moreover, among the top 100 Twitter crypto influencers, only five are women.

Female-led communities play a crucial role in this transformation, potentially helping challenge societal norms and enhance inclusivion. Through their efforts, these communities and influential women in Web3 exemplify the potential for driving significant change. Enhancing gender diversity in media representation and public discourse is essential for counteracting bias, reshaping perceptions, and fostering a more inclusive culture.

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