JAN 18, 2024
Bitget pledges $10 million to empower women in Web3
In a bid to foster gender diversity and inclusivity within the blockchain industry, cryptocurrency exchange Bitget has committed $10 million to invest in women-led startups in the Web3 and blockchain sector.
The announcement, made at the Web3 Hub Davos event on Tuesday, a part of the World Economic Forum 2024, highlights Bitget's initiative in promoting equality in a rapidly advancing sector.
Bitget's research reveals a stark gender bias within the blockchain sector, with only 6% of startup funding directed towards female-led projects. Bitget’s Blockchain4Her project has been established as a direct consequence, in order to address this imbalance. Blockchain4Her has been designed to provide crucial support, mentorship and recognition to women in the industry.
The initiative will include tailored incubation programs, pitch competitions exclusively for women-founded startups and the Women in Blockchain Summit & Awards, aimed at acknowledging outstanding achievements by women in the blockchain space.
Recognizing the need for comprehensive measures, Bitget aims to confront the gender disparity by creating a nurturing environment through these multifaceted efforts. By offering specialized support for female entrepreneurs, the initiative aims to encourage greater involvement and leadership roles for women in the blockchain space.
As part of the Blockchain4Her program, Bitget plans to invite industry leaders to serve as ambassadors, supporting gender diversity in the blockchain industry. These ambassadors will play a crucial role in advocating, engaging and driving positive changes, fostering an inclusive environment for women in the blockchain sector.
Bitget's commitment to addressing gender disparity in the blockchain industry is further underscored by its recent report on Web3 venture capital funding by gender. The report, published on Jan. 11, revealed that less than 7% of VC funding in the industry went to female-led startups, emphasizing the need for comprehensive measures to increase inclusiveness and accessibility for women in the blockchain sphere.
The company is itself leading from the front on the issue, with Gracy Chen as managing director, one of the few crypto exchange platforms headed up by a female executive.
It’s not the first time that the company has embarked upon a corporate social responsibility-themed project. It follows Bitget's earlier commitment to nurturing talent through the “Blockchain4Youth” initiative, which was announced in May of last year.
The $10 million initiative set out to serve the objective of “empowering and inspiring younger generations to use Web3 and crypto tools to create and engage in a decentralized space.” It focuses on providing courses through Bitget Academy, hosting university lectures on Web3, incubating innovative projects by young entrepreneurs and organizing hackathons for individuals under 30 to identify promising leaders.
A by-product of Blockchain4Youth also involved the company commencing to invest in Indian blockchain startups in November.
Bitget's Blockchain4Her initiative represents a significant step towards fostering a more equitable blockchain space. By championing inclusion and diversity, Bitget not only contributes to a fairer industry but also supports the sustainability and growth of the broader technology sector.