Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds that go beyond the headlines to explore the ideas and voices shaping the future of crypto.
I recently interviewed Gracy Chen, the first female CEO of Bitget and the only female CEO out of the top 10 centralized exchanges. I wanted to ask about her vision, skills, background, and achievements (and I did), but, inevitably, given her minority position and the fact that we were at a press conference announcing an initiative to educate females in blockchain, the conversation turned to her sex.
Whether we like it or not, females are underrepresented in tech—and web3 especially— and it got me thinking about an article I wrote in 2018 titled We Need More Women in Tech – But Not to Serve the Drinks, and a subsequent, slightly more cynical take a year or so later, Why the Women in Blockchain Movement Makes Me Nauseous.
At the time, as you might imagine from the titles, I got a lot of grief. Not quite enough to get me canceled, but sufficient to spur my hibernation from Twitter for a while. My “controversial” views fell on the woke sector of the audience like rain at a picnic and offended those championing DEI in the industry (admittedly, not hard to do).
Except, I wasn’t suggesting we shouldn’t support women in crypto, and I certainly wasn’t saying they shouldn’t be here (after all, I am one). What I was calling for (like most women, I believe) was to be recognized for my skills and ability, not my genitalia. And I’m not so sure that happens when DEI is an optics metric.
Fast-forward to the post-woke era of 2025, my article has aged somewhat better, and my point hasn’t really changed. We need more women in tech, yes—but not to serve the drinks. Not to sex up the conference booths and after-parties, and not to fill a quota.
As Shalini Wood, former CMO at Bitcoin staking platform Babylon Labs, told me:
“I’d like people to stop obsessing over ‘diversity optics’ and start obsessing over outcome-driven inclusivity. Hire women in leadership roles because they’re qualified, and then back them up with the same resources and trust you’d give anyone else.”
Clap. Clap. Clap…
Women in leadership roles impact the bottom line
We need more women in web3 because women have earned their stripes in top positions. Organizations with at least 30% women in leadership roles are 12x more likely to be in the top 20% for financial performance.
We need more women in web3 because they positively impact the bottom line. Companies in the top 10% for financial performance have more women leaders.
Most of all, we need more women in web3 because the new financial system isn’t reserved for just half the population. As my friend and former colleague Shazia Hasan, Head of Marketing at Story, so eloquently puts it:
“You can’t be what you can’t see.” We need more stories, visibility, and seats at the table.”
Mind the gender gap
I expected the women I contacted for this article to confirm my bias that, six years on, nothing has really changed beyond the nomenclature from blockchain to web3.
After all, women have been fighting the good fight for centuries to little avail. All we’ve achieved is the pleasure of doing it all, rather than having it all: Being the caregiver, breadwinner, and general chief of vibes at work and at home, babysitting grown men as well as teething toddlers.
But they didn’t. I’m pleased to report that the outlook for women in this industry has improved, in terms of expectations and from a numbers perspective as well. As one inspiring First Lady, Eleanor Roosevelt, famously said:
“No one can make you feel inferior without your consent.”
I found the women of this cohort to be ballsier, thicker-skinned, more demanding (rightly so), and with a lower tolerance for BS. Perhaps the men of their generation have also been trained not to look lustfully at their legs, ask them to make their coffee, or salivate over the size of their… brains.
Women in web3 still feel like they’re in the minority, and that doesn’t always work to their advantage, but progress has been made.
As an ageing millennial myself and solo parent since my youngest was still crawling, my experience wasn’t the same. It’s like the stage is set up to fail when both your jobs demand attention 24/7, and something always slides on both sides, whether it’s the astronaut costume you forgot to make or the missed deadline on your OKRs.
Despite the odds being stacked against me in my career and the (many) meetings taken from a ball pit, playground, or bedroom cupboard, I excelled at my job, became a high earner, and named my price. Only to have to apologize for the salary I commissioned, and be made to feel greedy and unrealistic at several interviews when they asked about my desired remuneration. I can’t imagine a man having to shrink in such a way.
The pay gap may be narrowing, but women still make 83 cents on the dollar compared to their male counterparts today, workplace-wide, and as Melizza Anievas, cofounder and executive director of Women in Web3 Hong Kong, and senior VP of China Information Technology Development Limited, says, women in web3 fare far worse.
“Women in web3 still face a steep uphill climb. The gender pay gap persists—web3 finance data shows women earning 46% less than men on average.”
The uphill grind
Unlike being mistaken for a waitress or personal assistant, the power-women I spoke to had resoundingly better experiences, although they all agreed on one thing: being underestimated goes with the territory. And it usually plays out in their favor. Shalini shares:
“Being underestimated gives you freedom to move quietly and strike powerfully. I don’t waste energy trying to be “taken seriously.” I just execute. And ironically, that’s where the advantage comes in—the underestimation. If someone’s busy sizing me up, I’m already five steps ahead.”
Melizza agrees, saying:
“Easily one of my barriers is the way that I’m perceived… I do preemptively expect to be seen as less “educated” about the industry, as well as less experienced when it comes to the work I’d need to do.”
This is why women work harder, learn faster, or feel the need to develop a little je ne sais quoi in order to excel, such as being harsher, bitchier, or funnier.
Gracy frequently uses humor to work a crowd, and we’ve all encountered a female boss or colleague who elevated perma-PMS to a whole new level.
But the expectations on female leaders are higher. They must be exceptional. Good enough doesn’t count, and it’s not the same for a man. Studies back this up: Female CEOs are frequently more qualified than their male counterparts. Women are 32% more likely to have served as company president prior to becoming CEO.
Lucie Acquaviva is a cofounder of Women in Web3 Hong Kong and spent five years in marketing at Animoca Brands. She’s had to mold herself to fit industry templates on more than one occasion. She shares:
“The traditional view of leadership is still filtered through a gendered, often patriarchal lens, which can make it challenging for women, especially those of us who are naturally introverted or who lean into soft skills rather than bravado.
The script sometimes feels written for a different character, which means we often have to work harder not just to prove ourselves, but to genuinely be seen and heard.”
Teigi Lee is a former colleague of mine at OKX and the Head of Marketing at global crypto exchange Flipster. She reflects:
“To be honest, in crypto, projecting confidence often feels like a prerequisite, especially for women. It’s a space that’s still very male-dominated, often loud, fast-paced, and competitive. If you’re not immediately assertive, your ideas can get overlooked, no matter how solid they are.”
Bros before… their highly accomplished, talented female counterparts
When it comes to web3 culture, in the workplace anyway, there’s been markedly less headway. Almost all the women cited the pervasive frat house culture. It’s an area I feel somewhat conflicted about. I confess to enjoying chiming in on virtual poker nights and inciting betting sh*tcoins on football games, but I understand it not being many women’s cup of tea. Lucie says:
“Web3 can feel like a bit of a boys’ club, and I’ve often found myself to be one of the few women at industry events. There’s also a particular culture around networking (late-night parties, drinks) that simply doesn’t suit everyone, myself included. It can be lonely not having many female peers to relate to.”
Melizza concurs:
“Gender bias, stereotypes, and lack of female mentors continue to be major obstacles. The technical nature of web3, combined with societal expectations and “bro culture,” can make it intimidating for women to join, persist, and advance. Many women still report being the only female in the room, facing skepticism about their expertise, or dealing with online harassment.”
Oh yeah, online harassment can be brutal, but Crypto Twitter is a hostile place for everyone at times. What annoys me the most are the self-congratulatory memes that circulate about guys picking up girlfriends for stacking sats or Dad being the Bitcoin legend of the family, like this one posted by @CarlBMenger:
Teigi says:
“Crypto is still very male-dominated.”
But there’s an upside:
“Compared to web2, I’ve found the culture in web3 a bit more fluid and open to change… In web3, while bias still exists, the speed, global nature, and experimental mindset create more chances to be heard, especially when you bring results.”
Brand consultant, former colleague, and friend Vivien Choi also holds a more optimistic view. She explains:
“Unlike older, more rigid sectors, web3 rewards agility and open-mindedness, inviting diverse perspectives to co-create the future. The beauty of this industry is that it’s still in its infancy—no fixed set of rules, no boundaries yet defined. It’s like drawing on a blank sheet of paper.”
Women in web3: the situation in numbers
Beyond the qualitative data, the numbers are modestly encouraging, at least compared to 2018. Women in web3 are still demonstrably behind, but the panorama is slowly shifting, and the dial is being nudged in the right direction.
Crypto ownership by gender: In 2024, it’s estimated that 6.8% of the global population owned crypto, but ownership is uneven by gender (61% male and 39% female, despite increased awareness)Female founders in crypto startups: Only 8.6% of startups in the crypto space are led by women, according to research by BitgetVC funding for female-founded crypto startups: While growing, funding for female-led projects still represents only 7% of all dealsWomen in fintech leadership roles: In the UK, women make up just 28% of the fintech workforce and only about 10% of board seats, with less than 20% of company executives being womenGender pay gap: Women earn an average of 46% less than men in web3Education: Just 18% of computer science degrees in the U.S. go to women
Spinning it our way
Like most things in life, being underrepresented in crypto can have its advantages. Remember that song? What was it called? Thank You for Hating Me? It went:
“Thank you for beating me down, for messing me up, for making me feel I’m not enough… Thank you for making me stronger than I thought I could ever be.”
While none of the women (thankfully!) speak of abject misogyny, these lyrics serve to illustrate a point: when someone labels you, belittles you, or makes you feel less than you are, oftentimes, you can harness that energy for your gain. As Lucie says:
“You grow thicker skin and learn the importance of projecting confidence (even when you’re still building it).”
Shazia agrees, having had her self-esteem take a battering over the years as well:
“Projecting confidence when you’ve had it stripped from you over time (whether by systems, bias, or underrepresentation) is a significant mindset shift and a muscle that takes time to build.”
On the flipside, Lucie shares:
“Being a woman can help you stand out, especially in business development roles where most of the audience is male, and a new perspective can be both refreshing and valuable. Sometimes, being different is an asset: your voice becomes more memorable in a sea of sameness.”
While Viven acknowledges the issues, she’s determined not to let being a woman in web3 stand in her way. She says:
“It’s important not to let societal norms or stereotypes define us. We should not shy away from pursuing what genuinely interests us or what we believe we can contribute to the industry.”
Melizza agrees:
“An advantage of being a woman in web3 is that in a room full of men, who are often very competent problem solvers and are seen as more aggressive and they ‘get things done’, we often fill in the gaps to add a human element to teams. Being a woman is not all bad, and I’ve definitely had doors open to me because of it.”
Teigi adds:
“There is an upside. Being one of the few women in the room makes you memorable. It encourages a different style of leadership, one rooted in clarity, empathy, and adaptability, and those qualities tend to earn trust over time. I’d love to see more balance in the space, but for now, women are writing their own playbooks and showing there’s more than one way to lead.”
Another advantage, according to Shazia, is that women in web3 help other females succeed. They provide mentorships, resources, camaraderie, and advice. She says:
“Here’s the advantage of being a female in this industry: the women in crypto are some of the most inspiring, generous, and brilliant people I’ve ever met. Every female I’ve been connected to has been incredibly gracious with their time, connections, and guidance, and I always aim to pay that forward.”
Melizza also speaks about the “inspiring and helpful people” she’s encountered in the space, from founders to contract workers:
“I value their perspectives and appreciate their support in my growth.”
And the most important perk of wearing a skirt? Skipping past the long line of men waiting for the little boy’s room. Lucie jokes:
“After years in this industry, I’ve found one consistent upside: there is never a queue at the women’s restroom at web3 conferences.”
Room for improvement
Like the proverbial report card, there’s always room for improvement, whether in the shape of education initiatives like Gracy’s Blockchain4Her or associations like Lucie and Melizza’s Women in Web3 Hong Kong. The general consensus is for more initiatives that empower and support women, rather than quotas that balance a firm on paper or look good on a press release.
Melizza believes a more inclusive industry starts with awareness and substance over numbers. She says:
“Building a more inclusive culture in web3 requires intentional effort. It’s not just about hiring more women and giving them airtime. We need to create safe spaces where diverse voices, especially women and underrepresented groups, feel heard and valued. Mentorship programs and allyship are key to supporting newcomers and helping them navigate the industry.”
Teigi affirms:
“Inclusivity begins with clear structures, not just good intentions. It’s about how decisions are made, how feedback is shared, and how ideas are truly heard and acted on. Culture is reflected in the everyday ways a team works, not just in written values.”
I recall a little anecdote Gracy shared with me about speaking on a panel at conferences. As the only female among several males, the questions directed at her are almost always laden with bias. She recalled:
“When I’m in a panel with five different gentlemen talking about stablecoins, regulation, exchanges, business, et cetera, people ask me a lot: ‘You’re a female CEO. How do you balance work and life?’
I’m like, ‘Why don’t you ask them? They also have a family. Why don’t you ask the men how to balance work and life?’ I’ll know we’ve succeeded when, in five years down the line, I and any other female leaders won’t be asked that question, and I’m not the only top 10 exchanges female CEO.”
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