On April 24, the ‘Women in Crypto for Boardsseries in London brought together C-level and board-level women from the digital assets industry to address the underrepresentation of women in Web3, showcasing both the challenges and opportunities for advancing gender equality in this rapidly evolving field .
The event’s founder, Tim Connolly, highlighted the importance of diversity in improving commercial profitability and corporate governance. Connolly’s personal commitment to gender equality, which stemmed from witnessing the challenges his mother and sisters faced, set a passionate tone for the discussions that followed.
Challenges in representation
The conversation quickly turned to the significant gender disparity in the crypto industry. Elizabeth Rosiello, CEO and founder of AZA Finance, pointed to a new problem: the lack of traditional board seats in many crypto companies. She noted: “A good chunk of crypto isn’t interested in human governance. So we already have fewer board seats available.” This lack of governance structures inherently limits the opportunities for women to rise to visibly ambitious leadership positions.
Hedwige Nuyens, chair of ‘European Women on Boards’ and CEO of the International Banking Federation, highlighted the compound challenges in the crypto space, which combines the male-dominated fields of technology and finance. Nuyens emphasized the need for the industry to evolve and mature.
Visibility and networking
A recurring theme was the importance of visibility and proactive networking. Jeanette Seng, Global Partnerships Managing Director at FIS, emphasized the need for women to support and recommend each other for board positions. Hemilly Rodrigues, founder and CEO of the R&Co web3 AI agency, emphasized the need for a balanced approach to interactions, noting:
“You have to keep a balance, not too heavy, not too sweet. It is still quite a challenge.”
The panelists agreed that women should actively build their profiles and networks. Nuyens gave practical advice: “In your LinkedIn, just below your name, start with the next role you have in mind… how I contribute to companies. So you just give your elevator pitch.” This approach can significantly increase visibility and open doors to governance opportunities.
Educational and institutional support
Education and institutional support have emerged as essential components for promoting diversity. The panelists called for implementing corporate training programs to educate employees on the benefits of diversity and inclusion. Such initiatives can help create a more hospitable environment for women.
In addition, the role of supervisory bodies was discussed. Nuyens cited the example of the European Banking Authority, which has mandated diversity in bank boards, leading to more profitable and less risky operations. Similar regulatory frameworks in the crypto industry could bring significant improvements.
Quotas and objectives
The controversial but impactful topic of quotas was also discussed extensively during the roundtable. Several audience members asked questions and shared observations about implementing quotas in the crypto industry. One participant suggested setting quotas for conference panels to ensure greater female visibility. Others supported this idea and emphasized the importance of highlighting talented women in the field to inspire and attract more female participation.
Elizabeth Rosiello passionately advocated quotas as a necessary measure to initiate change. Highlighting the resistance to change within the sector, she stated:
“I think the only answer right now is quotas. And you know what, you go there and change everyone’s DNA and go back? Or do you think: let’s start with a quota, and then that will become the behavior.”
Her point underscored the difficulty of changing deeply ingrained biases and the need for enforced measures to pave the way for more inclusive practices.
Hedwige Nuyens added that quotas, while initially met with resistance, often lead to positive results once implemented. She explained,
“If you have more women, your business case improves, and there are numerous studies that show a strong correlation between female representation and attention to a better environmental score.”
This evidence supports the argument that diversity promotes equality and improves business performance.
Using media for advocacy
The role of the media in shaping perceptions and inspiring future generations was another focus. Panelists suggested using traditional and social media to highlight successful women in the industry. By celebrating achievements and sharing stories, the media can help dismantle stereotypes and attract more women to Web3.
The roundtable concluded with the recognition that while progress has been made, there is still a long way to go. Practical steps such as increasing visibility, implementing educational programs, setting quotas, and using media can collectively drive the change needed to achieve gender equality in Web3. As Nuyens aptly said: “It’s not about how to get your point across. It’s about how you can get into the dynamics of the discussion.”
The Women in Web3 roundtable was a powerful reminder of the collective effort needed to advance representation. The industry can work towards a more inclusive and equitable future by continuing these discussions and implementing the proposed solutions.