A feature story was published in the New York Times recently that went into great detail about the unwelcoming “blockchain bros” culture that has been set up for women in the cryptocurrency space.
The article discusses marketing campaigns used by blockchain startups featuring sexually explicit images of women clad in bikinis. There was also a mention of the North American Bitcoin Conference held back in January, which featured 84 male speakers and only three women. And it doesn’t help that the official conference party was held at a Miami strip club. To top it all off, the article mentions that, “some studies estimate that women account for only 4 percent to 6 percent of blockchain investors.”
While all these details are unfortunately true, a number of women in the cryptocurrency and tech industry were somewhat disappointed after reading this article. By highlighting all the negative aspects for women in the crypto space, the article loses focus on what many women - and men - really want to read about, which are the accomplishments and strides being made by females in the cryptocurrency space.
Jalak Jobanputra, founder of the start-up investment firm Future Perfect Ventures, was one of the women quoted in the New York Times article. Jobanputra was recently interviewed on Laura Shin’s Unconfirmed Podcast to share her opinion on the article’s overall tone.
What I was disappointed about in the article was that we weren’t discussing the actual work that women were doing in the sector,” Jobanputra told reporter, Laura Shin. “During my 5 years of investing in the space, I’ve come across brilliant women, and more and more as time goes on who are involved in regulatory conversations and starting new companies in the sector. I’d like to see these women highlighted.
Jobanputra was just one of the many women who shared this opinion. After the article was published, Masha Drokova, Founder of Day One Ventures, told me that she disagreed with the article entirely.
The attitude towards women in the cryptocurrency space is much better then the article describes," Drokova said. "In fact, I believe that no one really cares about your gender. They only care if you are able to deliver or not. The crypto space is not about gender, but more about your energy, professionalism and speed. As a female investor and professional I never felt more appreciated and supported in any industry than in blockchain.
Not Just For “Blockchain Bros”
Although the cryptocurrency space has gained a reputation as being an “all boys club” with bad behavior (AKA, Blockchain Bros), the women involved in the crypto space are stepping up and speaking out about their accomplishments. As a result, these women hope that advancements made in the crypto space will soon focus entirely on innovation and less on gender.
Jimmy Ku, Director of Business Development at River Ecosystem, hosted the “Empowering Women in the Cryptocurrency Space” panel at South by Southwest this week. When asked about his thoughts on the New York Times article he explained,
When I first read the article, my initial reaction was agreement. I was at the Bitcoin Miami Conference in January and remember the uproar over the lack of inclusion for women in the crypto space. And there is no doubt that the crypto sector is similar to the overall tech industry, where the majority of folks involved are male,” Ku told me. “I saw how timely and engaging this topic was and I felt that this would be a perfect opportunity to have the discussion where women in the space would express their opinions and talk about their accomplishments.
All four of the women who spoke on the empowering women in crypto panel are known for being early innovators in the cryptocurrency space. For example, Tina Hui, CEO and Founder at Follow The Coin, has been interested in Bitcoin since 2013 when she took up a consulting project focused on cryptocurrency mining. Follow The Coin, became one of the leading video education, advocacy, news and investigative journalism publications in the crypto space. Since then Follow The Coin Labs has become an innovation collective providing innovators with education, a hub, community and resources in support of impactful meaningful projects, inclusive of crypto.
During the panel, Tina brought up the importance of early innovation and entrepreneurial integrity in the crypto and any space, regardless of gender.
The main point is this is a brand new landscape to innovate in, which is part of the allure of Bitcoin. Everyone in this space gets to be on the frontline of creating something new. And we are all learning together, regardless of gender, Hui said.
Elvina Kamalova was another panelist. She is currently the Director of Growth at Blockmason, which launched a decentralized app on blockchain called Lndr.io last week. Elvina is also working heavily on fostering the adoption of blockchain technology by conducting ICO research and tech analysis of blockchain-based companies. Like Tina, Elvina views the crypto space as an opportunity to create change early on – for both women and men.
I think that the blockchain space is about delivering excellence and developing great products, and it is also important to let the people around you know that you are working on these things. People will then start noticing the work you are doing and may not necessarily think about the fact that you are a woman in blockchain, but rather focus on your accomplishments. The blockchain industry is still in a very early stage of development, which means it’s the perfect time to address the possibilities and concerns of the growing blockchain market and adopt paradigm shifts in the industry. Let's proceed with creating the right culture and visibility, while delivering excellence to build the future, Kamalova said.
Looking Past Gender
Like most fields in the tech industry, early adoption and getting a seat at the table are the most important aspects for growth. And while it’s an unfortunate truth that there are not as many women in the cryptocurrency space as there are men, the women who are involved are innovating just as rapidly – and making sure that everyone knows it.
All of us in the crypto industry know women who are innovating in the space. And, I think showcasing these women by speaking about them and bringing them to events is important. However, talking about our accomplishments ourselves is equally, if not more important,” Kamalova said. “Women often have a hard time talking about their accomplishments. This is problematic, though. I think we should start getting more comfortable speaking about our work with others and now is our chance.
Elvina Kamalova, along with women like Tina Hui, are just a few of the many early innovators in the blockchain sector. As the space matures, we are sure to see more women enter the playing field and help advance the crypto landscape.