Women in Web3 are making history every day.
More and more women are entering the ever-evolving space and leading teams poised to bring about the next iteration of the internet. That being said, they are still underrepresented in the industry and remain a focal point in discussions centered around diversity in Web3.
These conversations are key to Web3’s development.
Throughout Women’s History Month, Trust Machines will be featuring content across our social channels, blogs, and other digital outlets that celebrates women in the Web3 space.
But more importantly, we will also shed light on what needs to be done so that women can seize the opportunities they earn to make strides in their respective Web3 ecosystems.
Women in Web3 Today
At Trust Machines, women make up over a third of our core team members.
Many of them found their way to us out of a desire to reinvent how we think of and interact with existing institutions. Many of them also didn’t begin their careers in Web3.
All of them, however, were attracted to Web3 out of a desire to make a tangible impact on the world.
These same motivations are mirrored across the board among women who opt into Web3 industries, be they creators, metaverse developers, entrepreneurs, blockchain engineers, or otherwise.
The Challenges Facing Women in Web3
But just as women across Web3 share similar goals, they also face many of the same real world barriers that can hinder their progress.
While the vast majority of its 3,608 respondents were men (85%), crypto exchange KuCoin’s “Journey into Web3” survey still gives a high level view of what women face in Web3 ecosystems (KuCoin is currently compiling survey results for a 2023 edition).
Namely, many women in Web3 – like many women in the tech sector – have indicated that the male-dominated culture present in Web3 circles is still a barrier.
This “bro” culture, as named in KuCoin’s survey, has also played its part in the lack of women-led communities and low number of high profile female figures in the space.
And speaking of a lack of female figureheads in Web3, a survey conducted by Boston Consulting Group’s tech build and design arm, BCG X, and People of Crypto Lab showed that only 13% of funding teams among Web3 startups included at least one woman.
Furthermore, only 7% of Web3 founders were women. They also receive 4 times less funding than their male counterparts for their ventures.
Additionally, the female respondents involved in KuCoin’s survey also indicated that the skills and knowledge needed to keep up in the industry – along with a lack of educational resources – often hinder their experience entering and working in Web3.
Building a More Inclusive Web3
That being said, women are already leading the charge to build a more inclusive Web3.
In the same KuCoin survey, female respondents emphasized that improving the environment for women is a big reason they work in Web3.
Namely, they’re looking to build more communities in the space and promote more supportive work environments for other women. They’re also looking to recruit more women into Web3 and promote them into senior leadership roles.
And over the years, more organizations and groups have appeared aimed at supporting women in Web3 professions.
This includes an increasing number of online communities dedicated to collaborating with and providing women with the resources they need to navigate and progress in the Web3 world.
How Trust Machines is Honoring the Women of Web3
We mentioned that women make up over a third of our core Trust Machines team.
But that doesn’t mean we’re stopping there. We, too, have room to improve as we help make the wider Web3 industry a more inclusive and equitable space.
This Women’s History Month, you won’t just be reading profiles on some of the women from our Trust Machines team. You will also be introduced via interviews and features to key women across Web3’s various industries.
Additionally, we will dive into many of the barriers that women in Web3 face and what initiatives are being taken to address them.
We believe that growing Web3 involves guiding people to the materials they need to get started, and that includes helping women find the right platforms for accurate information on crypto wallets, digital assets, tokens, the creator economy, and more.
Building a Diverse Web3 World
The core mission of Web3 is to ultimately encourage us to rethink how we interact with institutions and one another.
That’s why conversations around diversity and inclusion are so important.
The Bitcoin economy we envision for the future is one where every person has access to decentralized, secure and trust-minimized technology.
This also means that as we build this Bitcoin economy, we want to involve and enable people from all walks of life. We hope that you will join us and make the leap.
We need to ensure that the very people building the technologies reflect the diversity of people who will participate and engage with it.