Women in Web3 Break Barriers Despite 46% Pay Gap

Women are increasingly making their mark in the Web3 industry, breaking through the glass ceiling that has long hindered their progress in the tech sector. Gracy Chen, the first female CEO of Bitget and the only female CEO among the top 10 centralized exchanges, is a testament to this shift. Her leadership and achievements have sparked conversations about the underrepresentation of women in tech, particularly in Web3.

Despite the progress, women in Web3 still face significant challenges. They are often underestimated and must work harder to prove their qualifications. Shalini Wood, former CMO at Bitcoin staking platform Babylon Labs, emphasizes the need for outcome-driven inclusivity, where women are hired for their skills and backed with the same resources as their male counterparts. This approach is crucial for fostering a more inclusive industry.

The impact of women in leadership roles is undeniable. Organizations with at least 30% women in leadership positions are more likely to achieve top financial performance. This highlights the importance of diversity and inclusion in driving business success. Shazia Hasan, Head of Marketing at Story, underscores the need for more visibility and representation of women in the industry, stating, "You can’t be what you can’t see."

However, the journey for women in Web3 is fraught with obstacles. The gender pay gap persists, with women earning 46% less than men on average. Melizza Anievas, cofounder and executive director of Women in Web3 Hong Kong, and senior VP of China Information Technology Development Limited, points out that women in Web3 face a steep uphill climb. Despite these challenges, women are finding ways to thrive in the industry.

Being underestimated can actually work in favor of women in Web3. Shalini Wood shares that being underestimated gives women the freedom to move quietly and strike powerfully. This underestimation often plays to their advantage, allowing them to execute their plans without the distraction of being "taken seriously."

The Web3 culture, while more fluid and open to change compared to Web2, still has a pervasive frat house culture. Lucie Acquaviva, cofounder of Women in Web3 Hong Kong, notes that the industry can feel like a boys' club, with networking events and late-night parties that may not suit everyone. This culture can be intimidating for women, who often report being the only female in the room and facing skepticism about their expertise.

Despite these challenges, women in Web3 are making strides. The numbers show modest improvement, with 39% of the global population owning crypto and 8.6% of crypto startups led by women. While these figures are still behind, the industry is slowly shifting towards greater inclusivity. Initiatives like Gracy Chen's Blockchain4Her and associations like Women in Web3 Hong Kong are empowering and supporting women in the industry.

Women in Web3 are also finding unique advantages in their underrepresentation. Lucie Acquaviva notes that being a woman can help stand out, especially in business development roles where most of the audience is male. This new perspective can be both refreshing and valuable. Teigi Lee, Head of Marketing at global crypto exchange Flipster, adds that being one of the few women in the room makes you memorable and encourages a different style of leadership, one rooted in clarity, empathy, and adaptability.

In conclusion, while women in Web3 still face significant challenges, they are making progress and finding ways to thrive in the industry. The glass ceiling is cracking, and women are rising to the top, bringing with them a new perspective and driving business success. The industry must continue to support and empower women, fostering a more inclusive culture where diverse voices are heard and valued.