WoW and Tezos: What Will the Future of Women in Web3 Be Like?
With the support of Tezos, WoW wants to reach, connect and empower more women. Kathleen Breitman, one of the key figures in the blockchain industry and co-founder of Tezos, said, "WoW has made a significant impact for women globally on web3. Tezos' advanced technology, industry expertise and extensive network can carry WoW's impact into a new era of growth." " says.
According to WoW and Tezos, women are underrepresented in the Web3 industry. This situation is further exacerbated by the difference in investment. Male-led startups receive four times more investment. This is a testament to women’s ongoing difficulties in gaining funding, recognition and support.
According to Boston Consulting Group data, women make up 37% of cryptocurrency owners, but only 27% of the web3 workforce and 13% of startup founding teams.
“Women have historically been underrepresented and undersupported in the technology and finance industries, as they are at Web3,” said Shannon Snow, COO of World of Women. “But women’s contributions and potential are enormous. WoW aims to unite the collective power of women beyond Web3 and It aims to provide opportunities for them to make greater impact at the forefront of arts, technology and culture,” adds Snow.
More initiatives supporting women are popping up on Web3. In January, cryptocurrency exchange Bitget launched a new initiative called “Blockchain4Her” aimed at supporting female-led businesses.
Blockchain4Her has launched incubation programs designed specifically for female entrepreneurs. These programs include a $10 million fund to support women-led initiatives in the blockchain industry. Bitget also published a report on blockchain funding between 2022 and 2023, highlighting the latest trends, including gender disparities in the current VC ecosystem.
In its January press release, the stock exchange announced that blockchain startups received $27.85 billion in investment from January 2022 to the 3rd quarter of 2023, and that the amount of investment decreased by 70% in each quarter during this period.
Overall, funding fell 61.6% in 2022 due to the subdued market, with the lowest figure per quarter coming in at $1.97 billion, representing a 29% decline from early 2022. While startups attracted $27.85 billion in investment, female-led Web3 companies could only receive $1.77 billion in investment due to the general bias in the market.
This gender bias reduces opportunities for women and impacts broader adoption of cryptocurrency into women-related fields within traditional finance fields. Diversity in the cryptocurrency market is important as it offers different perspectives, talents and experiences, encouraging innovation, resilience and wider adoption.
