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Fewer female bosses in Crypto, study finds

·2-min read
Abstract image of young woman holding Bitcoin forming by binary code. Crypto
Research suggested that the CEOs, board members and executives operating within the crypto ecosystem were mostly men. Photo: Getty

There is a gender divide within the crypto industry, with the top companies averaging just 21.6% senior female staff, according to a new study from Forex.

Data from several studies paints a stark picture of the gender-funding gap within the web3 sector.

Only 9% of all funds deployed to technology startups went to founding teams that included at least one woman, according to research from Crunchbase.

Furthermore, the data showed that start-ups with a solo female founder, or those composed of all-women teams, raised just 2% of all venture capital dollars.

The Forex research suggested that the CEOs, board members and executives operating within the crypto ecosystem were mostly men.

Read more: Club for women in crypto promises to close gender funding gap

The study listed the companies that were the most and least diverse, with top crypto exchanges, such as Binance and FTX, languishing behind smaller firms in terms of gender equality.

Binance had 30% female employees compared to 70% male.

Ranking in only 19th place was the second largest crypto company, Sam Bankman Fried's FTX, with only 16.7% female senior staff members.

At the opposite end of the scale, many smaller crypto outfits had a more balanced gender divide.

The most balanced cryptocurrency firm in terms of its gender split was Forte Labs where 55.6% of the top employees are female.

The end-to-end blockchain platform focused on the interests of game developers and players is the only company in the top 30 list with more females than males working at the highest level.

The co-founder of Forte Labs Lauren Valdez is one of five women in the top team at the company, compared to four men.

At crypto data analysis firm Chainalysis, 46.2% of the top employees are women, with six of the 13-member leadership team being female.

The leadership team of Blockdaemon, a company that offers node operations for blockchain projects, was made up of 44% women.

Organisations such as Global Women in Blockchain are emphasising the importance of gender diversity in crypto investing and blockchain technology.

Global Women in Blockchain state its mission is to "activate and accelerate the powerful partnerships of women to lead in the education, development and promotion of blockchain technologies".

The organisation wants to make cryptocurrency more accessible to all who attend their in-person and online meetings.

Watch: The Crypto Mile: Episode 5 The future of filmmaking and Web3

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