Home / Opinion / Business / Why No Women in Web3? The Solution Isn’t Hard

Why No Women in Web3? The Solution Isn’t Hard

Published May 3, 2024 7:57 AM
Published May 3, 2024 7:57 AM
By Alizee Carli
Verified by Ana Alexandre
Key Takeaways
  • The further amplification of women’s collectives is pivotal for enriching the Web3 and crypto communities.
  • As more women break barriers and take on leadership roles within the space, they create opportunities for others, promoting a more balanced and reflective representation in tech advancements.
  • By expanding horizons and integrating a broader demographic, companies can leverage diverse perspectives that enhance decision-making and creativity.

Over $90 billion  in VC funds have been poured into Web3 projects since 2017 to bring more equitable access and decentralization to the web. But there’s just one problem: women aren’t invited—and this sets a dangerous precedent for the future of innovation.

A Boston Consulting Group study found  only 13% of Web3 projects involve women in their founding teams. Moreover, another report by Deloitte indicates  that only 7% of blockchain workers are female.

Women’s representation isn’t a “nice to have;” it’s imperative, especially with McKinsey research consistently showing  the business benefits of increasing diversity, removing inequality, and boosting financial inclusivity.

The shortfall in female representation is holding Web3 back

Crypto is designed to increase access for those previously underserved by traditional financial systems. It enables the creation of new markets for assets that couldn’t be monetized before because the costs were too high or the necessary digital tools weren’t available.

Blockchain can transform traditionally illiquid assets into globally tradable liquid assets. It does this through tokenization—the act of representing ownership of an asset digitally and transparently on-chain—and programmability through the use of smart contracts, hence removing intermediaries. A person’s credit score or lack of investment history doesn’t hold them back from getting involved.

Just as important, crypto is new territory, which means we have the ability to foster blockchain solutions—products and services—that limit bias and favor diversity and inclusion. The good news? There is a massive need for education around crypto, and this is equally true for everyone, regardless of background or gender.

All economic players are in need of upskilling about the benefits of web3. Although women typically have household economic power , they may not be as financially educated as men. Web3 provides a level playing field.

Women make up half the population and control trillions in annual consumer spending. Given those numbers, it would be foolish to ignore or underestimate the female consumer.

Blockchain-based companies are missing out on a significant user base when they do not build with women in mind. It, therefore, stands to reason that women serving as leaders, builders, and visionaries in Web3 is a key supporting factor for products and services tailored to appeal to women.

Recent studies show  a strong interest among women in cryptocurrencies as a more appealing investment option than stocks, with 47% of the “crypto curious” being women. In France, women represent  45% of crypto investors.

Further insights from this survey reveal that cryptocurrencies rank as the second most favored asset among women, right after cash, with this trend being particularly strong among younger women. A BlockFi study  shows that 20% of Generation Z women consider Bitcoin (BTC) to be the best long-term investment.

The solution might be easier than we think

First and foremost, companies need to work with professional recruiting agencies that will be mindful of presenting diverse and qualified profiles. They should also collaborate with newly created associations like HER DAO or CryptoGirlsClub to help source the appropriate candidates, whether for a technical role or otherwise.

Web3 companies must sponsor and promote the visibility of female talent within the organization. The Association for Women in Cryptocurrency spread a pledge to “unmanel your panel” to encourage more diverse thought leadership. Movements are already underway to encourage this shift from leaders and organizations, with strong support from the Association for Women in Cryptocurrency and Women in Web3 Switzerland (WiW3CH).

We need to be onboarding women into leadership and product design so that not only are these voices a part of key discussions but so there are opportunities for women to take a hands-on role in creating and shaping web3’s products and strategies. The talent pool should not be limited to the crypto-native.

Let’s tap into the wide pool of exceptional female leaders from Web2 into product, engineering, analytics, and sustainability to help the industry mature and attract more qualified professionals, with other roles to emphasize, including developers, analysts, and UX design. It’s critical to adopt this as part of the core company strategy.

Collective efforts to bolster women-centric initiatives

This is also something that employers in Web3 need to ensure is integrated into their recruitment and ESG practices. For example, we should always interview a balance of experts who are women and men for every role and work alongside external facilitators to help monitor our impact and performance across diversity. This will help us better monitor our performance across gender and geographical diversity.

For investors and VCs, partner up with dedicated funds that support women, such as the World of Women Foundation funded by The Sandbox, to support female entrepreneurs and provide mentoring and project incubation. Their recent initiative, championed by The Sandbox COO Sebastian Borget, to celebrate the top women and girls in Web3 provides much-needed support and inspiration.

In recent years, women’s collectives in the world of Web3 and crypto have multiplied across the planet. They play a crucial role in creating sorority networks in the space and generating new opportunities for members (speaking slots, jobs, and media coverage). We need to increase our advocacy of them.

Disclaimer: The views, thoughts, and opinions expressed in the article belong solely to the author, and not necessarily to CCN, its management, employees, or affiliates. This content is for informational purposes only and should not be considered professional advice.