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Despite advancements in the blockchain industry, gender bias remains a prominent issue. Bitget, a cryptocurrency exchange, is allocating $10 million to invest in women-led start-ups in the blockchain and Web3 industry.
On January 16 2024, the exchange unveiled its Blockchain 4Her initiative tailored for female entrepreneurs to promote gender diversity and inclusivity in the blockchain industry. Bitget revealed that it will launch incubation programs as part of the initiative and host pitch competitions for women-founded start-ups.
Overview of Bitget’s Women-Focused Initiative
The move aims to deal with gender bias, recognise women’s contributions, and empower female entrepreneurs in the blockchain and Web3 space. According to the report, the exchange’s initiative aligns with its broader vision of creating a more inclusive and equitable future through blockchain technology. Bitget announced its Blockchain4Her initiative during the Web3 Hub Davos event hosted at the World Economic Forum 2024 by CV Labs. According to a recent study by Bitget, “female-led blockchain start-ups received only 6% of total funding, highlighting the need for increased gender diversity.”
In a significant move towards fostering gender diversity and inclusivity in the blockchain industry, Bitget pledged $10 million to address the longstanding gender bias that persists in the blockchain and Web3 industry. Blockchain4Her revealed that it will host the Women in Blockchain Summit & Awards to recognise the outstanding achievements of women in the blockchain industry. The statement noted, “Bitget will also invite industry leaders to join as ambassadors for the Blockchain4Her program, supporting gender diversity in the blockchain. Ambassadors will advocate, engage, and drive positive changes, fostering an inclusive environment.”
Since its formation, women have been part of the crypto space, developing brands, communities and projects and addressing this materialising industry’s demands. According to the Web3 Career Marketing report released by KuCoin, “27% of female professionals in the field have been active in crypto start-ups, compared to 41% of males in the survey.”
Bitget’s Background
Bitget, previously known as BitKeep, has been a pioneering force in the crypto and Web3 sectors since its establishment in 2018. According to reports, the exchange serves over 20 million users across more than 100 regions and countries, offering a multi-chain crypto wallet, innovative trading solutions and a range of Web3 features. The company’s dedication to inspiring individuals to embrace crypto is exemplified via partnerships with notable figures such as Lionel Messi and eSports event organiser PGL.
On May 4, 2023, Bitget made a similar move with a $10 million initiative for young talent. The project was named Blockchain4Youth and provided courses through Bitget Academy, and university lectures were hosted on Web3. The platform developed innovative projects by young entrepreneurs and hosted hackathons for those under 30 to pinpoint the most promising leaders. On January 11 2024, Bitget Research published a report on Web3 venture capital (VC) funding by gender. The research found that “less than 7% of VC funding in the industry went to female-led start-ups, defined as series-stage companies where at least 50% of the executives are women.”
The Blockchain4Her initiative
Blockchain4Her initiative is launched to tackle the gender bias issue head-on by shedding light on the challenges faced by female entrepreneurs in the crypto industry and creating a more inclusive funding landscape.
Key takeaways for Blockchain4Her:
- Bitget will roll out incubation programs tailored specifically for women entrepreneurs, offering them support, mentorship and resources to empower them to succeed and navigate the blockchain industry. Blockchain4Her will host pitch competitions for female-founded start-ups so that they can showcase their innovations and secure potential investments.
- Blockchain4Her will host the Women in Blockchain Summit & Awards to celebrate and encourage more women to actively participate and advance their careers in the blockchain industry.
- Blockchain4Her program will invite industry leaders to become ambassadors to engage further and drive positive support for women in the blockchain system.
According to Sweet’s principal blockchain engineer, Devon Martens, great models can motivate more women to pursue Web3 as a career option. Bitget’s Blockchain4Her program builds on the success of the Blockchain4Youth project, and the two initiatives reflect the exchange’s commitment to providing equitable opportunities and promoting financial inclusivity in the blockchain industry.
Managing Director of Bitget, Gracy Chen, emphasised the importance of diversity and inclusion in the evolving blockchain industry. Chen said, “Blockchain4Her reflects our dedication to bridging the gender gap in the blockchain industry. Through incubation programs, pitch competitions and recognition events, we aim to empower women to take on leadership roles in the Web3 and blockchain space. This initiative aligns with our broader vision of creating a more equitable and inclusive future through the power of blockchain.”
The report concluded that 8.2% of funding for female-led blockchain start-ups as of Q3 2023 is 2.5 times lower than the overall figure for start-ups in various fields.