Crypto is in ‘catch-up’ mode when it comes to inclusivity...

As the very first crypto, Bitcoin was designed to encourage financial equality - it was a way to make online payments from one party to another without needing a ‘third party’; and it gave anyone with internet access a chance to participate in the financial ecosystem. But for all of the industry’s meteoric growth, optimism and progress - this isn’t enjoyed by everyone and crypto is still in catch-up mode when it comes to inclusivity

In this post, Janine Grainger - Founder and CEO of Easy Crypto - shares three fundamentals the industry needs to focus on if we stand a chance of delivering on crypto’s original vision…

#1 Radical representation - diversity starts at the ‘top’

Although the crypto industry is gradually embracing diversity, we have to remember that the space itself was born from two very male-dominated industries: finance and technology. 

Late last year, a study of 50 prominent crypto and blockchain firms revealed that women hold just 6 percent of CEO positions, painting what it called a ‘disheartening picture’ of underrepresentation. Unsurprisingly - this has affected both product design and who (and how) products are marketed to industry-wide. Unsurprisingly, a large percentage of women are ‘crypto curious’; but ultimately, hesitant to participate because it feels like a ‘boy’s club’. 

But as one of the industries that has been arguably the slowest to respond to a call for diversity; there’s impetus to be the most radical about change - including leadership appointments and creating work environments in which all types of talent can flourish. We need companies to go ‘all in’ on hiring female talent; and to be unapologetic about doing so. 

Companies need to commit to gender diversity and send a strong message about inclusivity and equality. This will foster an environment where diverse perspectives can shape the company's future, from product development to strategic direction.

#2 Education and empowerment - giving everyone the confidence they need to invest 

With more and more women starting to take responsibility for their own financial freedom, the industry’s focus needs to be on empowering everyone to become an investor easily (within minutes) in alternative assets; with the understanding and confidence to do so. 

By providing users with the knowledge and confidence to navigate the crypto space, innovators are breaking down barriers and encouraging more women to participate in the financial revolution. Driving education and information at every step of the process for those who use their platform builds confidence and ultimately, platform loyalty. 

#3 Product innovation - recognising the need for tailored products 

Although there is now much wider recognition that crypto investors aren't all young, hoodie-wearing Silicon Valley males who mine Bitcoin from their basements; a lot of products out there still cater to this demographic and have limited the industry's appeal to a broader audience. 

To counter this, smart companies are focusing on products that address some of the key concerns associated with the crypto industry. This includes user-friendly wallets designed to make the digital world as accessible as traditional apps - with an emphasis on security alongside user-friendly features that do away with complexities such as seed phrases. In addition, a new breed of stablecoin marries the trustworthiness of the traditional fiat assets with the benefits of blockchain (without the volatility). These stablecoins provide an easy ‘on-ramp’ to the world of crypto, facilitating instant, low-cost, global and programmable payments and will become a catalyst for greater crypto adoption and the digitisation of financial products and services.

Importantly, improving representation, education and empowerment and product innovation is work that needs to happen day-in and day-out. Beyond Women’s Day, these focuses must become intrinsic to how the industry operates if it wants to support meaningful change. If not, we risk not delivering on the full potential of crypto for a large portion of society.