Diversity, equity, and inclusion (DEI) in crypto is a complex issue.
Despite the utilitarian and democratic aspects of crypto, for example, it is still thought of as a space dominated by white males. Research backs this up: an estimated 62 per cent of cryptocurrency investors are still white, and 67 per cent are still men. This domination of white males in the crypto space is a stark contradiction to the reality of who actually uses crypto—countries such as Nigeria, Turkey, and the Philippines.
The good news is that there is progress in making crypto a much more DEI-friendly space.
In the article below, we’ll look at how DEI is slowly becoming a bigger priority among crypto startups, exchanges, and more.
An increasing number of women in the field
While it is true that there is a disproportionate representation of men in the blockchain and crypto industry, there has been a notable increase in the number of women working and participating in the field.
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Globally, about 21 per cent of crypto owners are women. Although the number of women crypto entrepreneurs comes in slightly lower, at just less than five per cent, there are initiatives to increase this number in the coming years steadily.
For instance, non-profits such as Women in Blockchain and the Black Women Blockchain Council are steadily working to provide women with the funding and resources they need to succeed in crypto/blockchain.
In 2021, the latter collaborated with the renowned Ethereum software firm ConsenSys, and a new online program has been launched to train 500,000 Black women worldwide to become blockchain developers by 2030.
It is crucial for women to be part of crypto’s rapid growth and the new opportunities it brings. By breaking down barriers and promoting diversity in the industry, women can bring fresh perspectives and ideas, creating more inclusive and accessible products and services.
Furthermore, as women are underrepresented in the tech industry as a whole, their involvement in crypto can help to bridge this gender gap and encourage more women to pursue careers in technology.
Continuing this progress is important not only to make crypto a DEI-friendly space but also to ensure more people can maximise crypto opportunities.
Using crypto’s worldwide appeal
Crypto by itself is already arguably an inclusive space. Take the fact that one of its most popular selling points is the ability to decentralise transactions: people first flocked to Bitcoin because it erased the need for a traditional middleman (like banks) and their transaction fees.
Crypto’s promise of cheap, real-time peer-to-peer transactions especially holds weight in developing countries. Crypto has been increasingly used for remittances, which refers to the transfer of money from one country to another by migrant workers to support their families back home. In times of crisis, crypto remittances have proven to be a valuable resource for people living in countries with unstable currencies.
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There are several DEI initiatives in the crypto space that focus on developing countries.
For example, there are several programs to support DEI in crypto, including the Asia Crypto Alliance and the African Blockchain Alliance. These programs provide education and training to women and people of colour to help them enter and succeed in the industry.
In addition, some crypto companies have launched initiatives that aim to promote financial inclusion in developing countries. For instance, Pundi X has developed the XPOS payment system, which enables merchants in developing countries to accept cryptocurrencies as payment. This can help people who may not have access to traditional banking services to participate in the global economy.
Ensuring space for developing countries in the crypto space is crucial for several reasons. First, crypto empowers people to complete financial transactions and participate economically. Second, the decentralised nature of cryptocurrency offers a way to circumvent corrupt or unstable financial systems.
This can help promote financial stability and reduce the impact of economic crises—such as rampant inflation—on vulnerable populations. Finally, the development of crypto and blockchain will generate crucial jobs that can drive economic growth.
Just as people in developing countries benefit from crypto, crypto as a whole also benefits when their innovations and perspectives are included. It is these people that can tell where crypto is most useful, how well it holds up under economic pressure, and what day-to-day usage might look like.
Overall, DEI initiatives in crypto must build off the foundations that are already there. There must be a space for women, people of colour, and people from developing countries to be heard. This diversity brings with it a wide range of perspectives and ideas, leading to more creativity and innovation in the industry.
Crypto has always been touted as a great tool for democratising the financial space. With DEI, the sector can truly live up to that promise.
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