May 25, 2022

about international women The afternoon, Bain Capital Crypto excitedly announced its new investment team with a collage of photos showing the new roster is all male.

Women in every corner of the crypto industry have taken notice. Faced with backlash, the original tweet was: removedBain Capital Crypto reviewed the dispute and announced: Lydia Hilton Soon as a partner.

While this was a step in the right direction, we felt the importance of addressing diversity issues in the crypto industry and how to overcome them through the lens of women of color.

By definition, Web3 is an inspiring vision for a new version of the Internet. So why make it the same as Web 2.0?

Why rebuild the exclusion hierarchy in this new era? This tweet is one of many highlighting the issue of inclusivity and the opportunity to amplify the impact of crypto through diversity.

Who benefits from the benefits of cryptocurrency?

The lack of women enjoying the financial benefits of crypto affects women of color disproportionately. For example, 16% of NFT participants are women, and they receive only 5% of the turnover of the multi-billion dollar industry. From an institutional perspective, black women make up just 4% of crypto investors worldwide.

However, this discrepancy is complex. Women and people of color are more likely to invest in cryptocurrencies. About 44% of all crypto traders are people of color, and 41% are women.

The Black and Hispanic communities are driving widespread adoption of cryptocurrencies, with 23% of Black Americans and 24% of Hispanics owning these assets compared to 11% of White Americans.

For a group that is more interested in investing in currency, how can the resulting wealth be distributed unequally?

Screenshot of a deleted tweet by Steven Cohen of Bain Crypto Capital following the announcement of the all-male team.

image credit: Twitter

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