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Barriers Remain for Women in Web3 — TradingView News
The nascent cryptocurrency industry blends technology and finance, two sectors traditionally dominated by men.
Despite women’s increased participation in the workforce after World War II, the Third and Fourth Industrial Revolutions – both characterized by the increasing involvement of technology in industrial and commercial processes – brought the same limit to women’s progress.
Efforts have been made to narrow the gender gap in the tech industry and break the glass ceiling in the 21st century. However, despite more and more women entering the tech sector, there is still a lot of work to be done, as the gender disparity in technology-related careers is still evident.Cointelegraph
The blockchain space has expanded significantly since Bitcoin’s inception 
However, are women being included in this revolution, or is the Web3 industry following the same model as the legacy financial and technology sectors?
Why is there low participation of women in the Web3 sector?
While women have entered the world of cryptocurrency and made notable contributions, there is still a lot of work to be done.
Boston Consulting Group (BCG) industry analysis in 2022 found that only 7% of Web3 founders are women, and among major crypto startups, 27% of employees are women. This gender disparity extends to cryptocurrency investors as well.
The data clearly shows low participation of women in the Web3 sector, but what are the reasons behind this?
Cointelegraph asked several women from different sectors of the Web3 industry for their opinions.
Layne Haber, co-founder and CEO of interoperability protocol Connext, told Cointelegraph: “One of the biggest obstacles is the lack of senior mentors and role models.”
She added that “representation at senior levels is incredibly important, as it can shape how young women see the possibilities for their future.”
According to Haber, a 2022 study by Forex Suggest examined diversity at several cryptocurrency companies and revealed a lack of female role models, with few companies having more than 20% female representation in senior leadership or even one woman on the board of directors.
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This lack of women in senior roles creates a negative spiral in which women feel underrepresented and are less motivated to enter a field, she said.
Margot Paez, a fellow at the Bitcoin Policy Institute and an environmental and sustainability advisor on Bitcoin mining, told Cointelegraph that she believes the key sectors that make up the cryptocurrency sector could be to blame for women’s low participation:
“The intersection of technology and finance seems to be a perfect storm.”
The presence of men is very high compared to that of women in both finance and technology. As BCG research reveals, women are more present in Web3 projects where social skills are more relevant than technical skills.
Cecilia Hsueh, co-founder and CEO of layer 2 blockchain Morph, told Cointelegraph that the Web3 sector could fall into the same trap as other tech sectors, despite its good intentions:
“Despite the decentralized and inclusive ethos of blockchain technology, disparities in leadership roles, funding and visibility for women remain glaring.”
Hsueh pointed out that “unequal access to funding for female-led startups” does not help motivate female entrepreneurs to enter the field.
In a 2023 editorial, Mariana Krym, chief operating officer of Vyvo Smart Chain, wrote that among all the Web3 companies that raised more than $100 million, there were no projects with all-female founding teams.
Catie Romero-Finger, co-founder of marketing agency Web3 Babs, told Cointelegraph that women have difficulty entering the Web3 space due to its ambiguity.
He said Web3 is not easy to study as an established career; it requires a leap of faith by getting your hands dirty and discovering the path as you go.
Romero-Finger believes uncertainty can “intimidate women.” According to her, men tend to feel comfortable trying something new, even in the face of failure, while women do not. As she said:
“We don’t express ourselves like men and we’re not willing to take as many risks because we simply feel, and perhaps are, called into question more often if we fail.”
Sandy Carter, chief operating officer of Unstoppable Domains, agrees with this idea that there is a fear of failure, telling Cointelegraph that women tend to wait until they are fully confident to enter a new space.
A 2013 Hewlett Packard internal report reportedly found that women tend to apply for jobs once they meet all the requirements, while men will apply if they meet about 60 percent of the conditions.
Carter believes women should dare to take more risks to enter the game, even if they don’t feel fully prepared.
Discrimination and “bro culture” in the Web3 sector
All the women Cointelegraph spoke to immediately recounted incidents in which they felt discriminated against because they were women.
Haber said that during his first lecture no one believed he had technical expertise. “People kept asking me about our codebase and my contributions to it.” Similarly, Hsueh felt “challenged in securing funding,” as she “was not taken seriously in technical discussions.”
Romero-Finger said that despite being the founder of her own company, a client would only work with a male executive she was close with at her company. Ultimately, she “was forced to step back” and let her male team member handle the customer.
Paez pointed out that women tend to receive “more sexualized hate and trolling on social media.”
Carter said she received more attention by posting about technology-related topics on social media under a man’s name.
She also recalls that a bank manager only spoke to her male boss even when she was called into the meeting as an expert. The situation was so embarrassing that her boss acted as if he were ill and abruptly left the meeting, forcing the banker to speak directly to Carter.
The cryptocurrency industry has been accused of having a “bro” culture, and incidents like the 2018 American Bitcoin Conference ending its event in a strip club haven’t helped.
While the industry has evolved since then, has the culture become more inclusive?
Romero-Finger believes the industry is still “very bro-focused.” In his experience, he has noticed how his company run by women benefits when the third partner of his company, a man, is present on the call.
According to Carter, bro culture is particularly hostile to women trying to learn more about the Web3 space, as it is not open to people asking questions. As a result, she founded Unstoppable Women to provide a safe space for women to learn about the Web3 industry.
Solutions for women to enter Web3 and break the glass ceiling
While it is clear that there is a glass ceiling, things could change.
Web3 is still a very young sector that still needs to consolidate. The industry innovation offers women the opportunity to establish themselves at the highest levels.
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Haber sees “tremendous potential for women to shape their own leadership trajectories.” However, women should not wait too long, otherwise it could become a male-dominated industry with a solidified glass ceiling. Romero-Finger launched an appeal to encourage women to intervene:
“We are all learning here, so there is no impostor syndrome. It’s a great opportunity to dive and women need to learn to dive more!”
Some of the most helpful ways to gain more visibility and support include “initiatives such as female-led blockchain education programs, networking events, and targeted scholarships,” according to Hsueh, who thinks promoting stories of successful women can encourage and motivate others to join and innovate in the Web3 space.