3 reasons why we need more women in crypto
“It’s so important for women and people of colour to be a part of crypto and blockchain right now because we’re building the next generation of the financial ecosystem”– Charlene Fadirepo, founder and CEO of Guidefi
While the number of women in cryptocurrency is increasing every year, there are still fewer crypto owners and investors who identify as women than their male counterparts.
Fortunately, crypto may offer first-time investors, including women, the opportunity for greater inclusivity by design.
Let’s take a look at 3 reasons why we need more women in crypto.
#EmbracingEquity in the Blockchain sector
Women are consistently underrepresented in Finance and Science, Technology, Engineering and Math (STEM). Crypto and Decentralised Finance (DeFi) sit at the cross-section of these sectors.
However, there is hope for the crypto industry – its original ethos is to create an equal system that is accessible and inclusive to all people.
Studies show that mixed-gender teams in business greatly improve the delivery of outcomes. And gender-diverse teams perform better than single-gender teams. A gender-diverse work environment encourages productivity, creative thinking, and enhanced problem-solving.
More women in the blockchain sector and in leadership could enhance businesses. While more female representation in DeFi would help to create role models for future generations.
Economic participation at the tap of a button
Historically women have had limited access to financial services and education. However, with cryptocurrency, they can independently manage their wealth and investments.
Globally many women still do not have unrestricted access to a bank account. And 55% of unbanked individuals are women. Unlike centralised banks, cryptocurrency lowers the barrier to accessing financial services.
Nearly one in three women plan to invest in cryptocurrency in the next year. Apps like Luno, provide women with the opportunity to become crypto investors. These platforms also share financial education, encouraging learning in a discrete and welcoming environment.
Women play the long game
“If female investors have any weakness, it’s their mistaken belief that they are not good investors,” Meghan Railey co-founder and CFO of Optas Capital says it best. That’s right, women are great investors and even better savers.
70% of women feel they need to know more about investing before they get started. However, studies show that women have a knack for investing and have a sound investing temperament.
The crypto industry needs more HODLers and investors with a long-term investment mindset. Investing is vital to women’s financial independence. Especially when taking into consideration women’s longer life expectancy, the gender pay gap, and the time value of money.
Interestingly, in behavioural finance studies, women are often found to be more risk-averse than men. This aversion to risk and a long-term mindset may help “dispel stereotypes around cryptocurrency investors being risk lovers,” and encourage mainstream adoption.
Participation is key
Women’s participation in crypto is key to embracing equity in the blockchain sector. And gender-diverse teams create more inclusive and productive businesses. The accessible nature of cryptocurrency allows women easy and independent access to education and investment opportunities.
At Luno, we aim to upgrade the world to a better financial system and it’s important to us that everyone is included.
Want to get involved? Watch our video on how to get started. Or check out our articles on the different types of digital assets and common trading strategies.