The Significance of Women's Engagement in The Digital Asset Space
Contributed by Paola Origel of Hyla Fund Management
Paola origel’s journey has taken her through diverse industries—from one of the world's largest concrete and cement companies to technology and traditional finance. Throughout, she has navigated predominantly male-dominated spaces, often finding herself as one of the few women in decision-making rooms and conferences and at times it has been a lonely path.
Here Paola shares her insight on the importance of inclusivity in the industry…
As a co-founder, I am deeply committed to nurturing inclusivity within the digital asset space and supporting women in reaching executive and decision-making roles. Through this article I hope to inspire others to do the same.
For those of us deeply involved in the digital asset world, we recognize the transformative power of blockchain technology. It holds the potential to revolutionize our world, making it more equitable and accessible. By leveraging blockchain to build a more open financial system, we can empower individuals who have long been marginalized—especially women.
There is no doubt that there are very few women in top financial management and investment services positions. Consider this: According to the Deloitte Center for Financial Services, only six of the 107 largest financial institutions in the United States were run by female CEOs in 2019, while in 2023 women accounted for a mere 8.2% of the CEOs of S&P 500 companies. Studies paint a mixed picture for women in finance. Though the percentage of men and women entering the field is roughly equal, men typically rise to the top faster than women do. For example, as of 2022, only about 15% of venture capital “check writers” were women, and companies founded by women accounted for a mere 2% of all venture capital investment. The picture doesn’t get much rosier when it comes to private equity (PE), where by the end of 2022 women held just 21% of managing director–level operating positions. On the bright side, however, there is a greater focus on improving diversity, with women holding 48% of all entry-level roles in PE.
Furthermore, according to Forbes, in 2023, for the first time in history, women CEOs led approximately 10% of Fortune 500 companies. While this marks an important milestone, it also underscores the pressing need for greater female representation at all levels of leadership.
In my experience, one notable challenge in achieving gender equality in the workplace is the limited presence of women in top leadership positions compared to men. This disparity can be attributed to systemic barriers and structural inequalities that impede women's access to high-quality education, resources, networks, and opportunities in the business world. These barriers often manifest as gender discrimination, unequal access to funding and investment, limited mentorship and sponsorship opportunities, and cultural biases against women in leadership roles.
In my experience, one glaring issue I've noticed is the shortage of female role models for aspiring women professionals. Without sufficient representation and support from women who have paved the way, navigating the path to success can feel overwhelmingly daunting. Additionally, concerns about achieving work-life balance, combined with a lack of mentorship and support from managers, can amplify the challenges women encounter in the financial industry. I've had numerous conversations with women who express doubts about the worthiness of pursuing careers in this field due to their perception of unequal opportunities compared to men and the highly masculine environment of the industry. Many have even asked me why I've chosen such a challenging career path.
However, the importance of women in leadership extends beyond mere representation; it has tangible benefits for business performance:
According to the Ready-Now Leaders report from the Conference Board, organizations with at least 30% women in leadership roles are 12 times more likely to be in the top 20% for financial performance. Additionally, based on assessments involving over 84,000 leaders and 1.5 million raters (including bosses, peers, direct reports, and others), reveals that female leaders demonstrate more effective leadership behaviors compared to their male counterparts across every management level and age group.
However, the disparity of participation between men and women in the financial industry is not only in the workplace; the reality is that women are disproportionately excluded from the existing financial system. Women are under or unbanked at higher rates than men globally. Due to a whole host of factors like cultural or local norms, lack of financial education, and formal sector employment, women are often less likely to use or have access to financial services. That forces many women — and unbanked adults, in general — to rely on inefficient or volatile financial options, like keeping their savings at home or traveling long distances just to make everyday payments.
Research shows that when women have financial access, the ripple effects can be powerful not only for those women but also for families, communities, and countries. Financial inclusion enhances not only the contribution of women and women-led businesses to economic growth but also contributes to women’s autonomy. Empowering women with greater financial inclusion is one of the essential elements for sustainable development, as recognized by the UN Sustainable Development Goal #5.
The digital asset space opens new opportunities to change this reality, and women's engagement with crypto is growing faster, but it is still an industry dominated by men. Blockchain technology offers new ideas to bridge the gap in financial inclusion. By providing a universal way of digitizing financial transactions, blockchain removes borders, creates openness, and ensures interoperability with the formal financial system. Blockchain is about ownership and control over money and value, empowering financial independence. For women, ownership means new levels of agency and the power to make their own decisions, thus promoting gender equality and economic empowerment. Despite the opportunity that blockchain technology offers and as well put by our friends at Bitso in their Crypto report titled: “Crypto Landscape in Latam 2H 2023: The data indicates that while women's interest in crypto is on the rise, the industry remains predominantly male-dominated. This disparity in female participation within the crypto sector is not surprising when considering that it merges two traditionally male-led fields: technology and finance”.
According to Bitso’s report, the analysis of crypto adoption by gender and age reveals a notable disparity in trends between men and women. For instance, while the majority of crypto users across the LatAm region fall within the 18–35 age bracket, the trajectory of adoption rates among women indicates an increase as age progresses.
In the USA, according to Statista, men were nearly three times more likely to own crypto than their female counterparts as of September 2022. This was revealed in an online survey conducted on the ownership of mainstream cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Cardano (ADA). The United States stands out among the 26 surveyed countries for having the highest gap in crypto ownership between male and female respondents.
Given all the available data, it's evident that women hold significant influence in the global economy and executive positions, yet achieving gender equality in the financial and tech sectors remains an ongoing challenge. However, I believe that blockchain technology presents a unique opportunity to advance financial inclusion and gender equality, ultimately nurturing a more equitable world for everyone. The question then becomes: How can we ensure that the digital asset space breaks away from the gender inequality and biases that have plagued the tech and finance industries?
These are some of my suggestions:
Believe in and Invest in Women: Ensuring equitable access to funding opportunities, investment capital, and resources for women-led blockchain funds, startups, and projects can help level the playing field and foster entrepreneurship and innovation.
Developing and Supporting Safe Spaces: Working in a male-dominated environment can be intimidating for some women. It's essential to create and maintain a safe and respectful work environment in companies and networking events to attract more women to participate in the industry.
Diversity and Inclusion Initiatives: Encouraging and promoting diversity and inclusion within blockchain organizations and companies can help create more welcoming and inclusive environments for women. Implementing policies and practices that support work-life balance, equal pay, and career advancement opportunities.
Partnerships and Collaboration: Collaborating with organizations, educational institutions, and government agencies to develop initiatives and programs aimed at increasing women's participation and representation in the blockchain industry can amplify efforts and drive meaningful change.
Addressing Bias and Stereotypes: Historically, traditional gender roles have often dictated that men hold positions of power and authority in many industries, which can lead to unconscious biases and assumptions about women's capabilities and contributions in the workplace. Challenging gender biases and stereotypes within the blockchain community and advocating for equal opportunities and recognition based on merit rather than gender can help create a more inclusive and fair ecosystem. It is essential for both women and men to support women in overcoming barriers to participation and achieving gender equality.
Education and Awareness: Providing educational resources and workshops specifically tailored to women can help demystify blockchain technology and increase their confidence in participating in the industry. Creating awareness campaigns highlighting successful women in blockchain can also serve as inspiration and role models for others.
Community Building: Establishing inclusive and supportive communities for women in blockchain where they can share knowledge, experiences, and resources can create a sense of belonging and empowerment. Online forums, social media groups, and local meetups can serve as platforms for fostering such communities.
Networking Opportunities: Facilitating networking events, conferences, and mentorship programs aimed at connecting women with established professionals in the blockchain industry can provide valuable support, guidance, and opportunities for collaboration.
Implementing these strategies and nurturing a supportive and inclusive environment is crucial to ensure gender equality in the digital asset space. By doing so, we not only make the blockchain industry more accessible and inclusive for women but also foster a collaborative environment where both men and women can work together effectively. Men and women have distinct capabilities and skills that, when applied together, can create more balanced, inclusive, and integral business models. This commitment to inclusivity aligns with the core values of blockchain technology, paving the way for a more equitable and innovative future in this emerging field.
At Hyla Fund Management, gender equality is a core value in our company, and it’s important to us not only to ensure a supportive working environment for all our team members but also to support and empower other women participating in the digital asset space. If you're a woman who wants to invest or work in blockchain technology, we want to talk to you! Please reach out to us at invest@hylafunds.com. Together, we can shape a more secure and inclusive financial and digital landscape for generations to come.
The views expressed in this article are solely those of the authors and should not be considered investment advice or recommendations. They are not intended to influence any investment decisions.
Paola Origel, Co-founder and CEO of Hyla Funds
Hyla Funds a hedge fund of funds specializing in emerging technologies. With over 18 years of experience in hedge funds, family offices, and private banking Paola’s focus is on investing in blockchain and other cutting-edge technologies, supported by a background in computer science, e-learning, and finance. This unique combination enables her to integrate traditional finance expertise with technological innovation. Paola is deeply passionate about the transformative power of emerging technologies such as Blockchain and AI.