Bitget has committed $10 million to women-led web3 startups, fostering gender diversity and inclusivity in the blockchain industry with Blockchain4Her.
Bitget, a cryptocurrency exchange, allocates $10 million to invest in startups led by women in the web3 and blockchain industries.
In an announcement, the cryptocurrency exchange said it will launch incubation programs targeted at female entrepreneurs. This is part of the initiative and hosts pitch competitions for startups founded by women.
Blockchain4Her, additionally, will host a ”Women in Blockchain Summit and Awards” to recognize women’s outstanding achievements in the blockchain industry.
Significantly, Bitget will invite prominent blockchain industry leaders to join as ambassadors for the Blockchain4Her program, thus supporting gender diversity in the blockchain sector. The ambassadors, as a result, will advocate, engage, and drive positive changes, fostering an inclusive environment.
The #Blockchain4Her initiative is aimed at promoting gender diversity and inclusivity in the blockchain industry.#Cryptocurrency exchange Bitget is allocating $10 million to invest in women-led startups in… pic.twitter.com/PV1QlAIaKf
— TOBTC (@_TOBTC) January 17, 2024
On May 4, 2023, similarly, the crypto exchange announced a $10 million initiative for young talents. The initiative was dubbed “Blockchain4Youth” and will provide courses through Bitget Academy. It hosts university lectures on Web3. Additionally, the initiative will incubate projects by young entrepreneurs and those under 30 hackathons. This is aimed at identifying the most promising leaders.
Funding for Female-Led Entrepreneurs
With the backing of the $10 million fund, Blockchain4Her will provide incubation programs designed for female entrepreneurs.
The exchange published a report on the state of Web3 venture capital (VC) funding by gender. The report was published on Jan. 11, and researchers found that less than 7% of venture capital funding in the blockchain industry went to female-led startups. This was defined as series-stage companies where at least 50% of their executives were women.
According to the report, 8.2% of the funding for female-led blockchain startups as of Q3 2023 is 2.5 times lower than the overall figure for startups in various fields (20.3%). Researchers, therefore, concluded that the report indicates the need for comprehensive measures to increase the inclusiveness and accessibility of the blockchain sphere for women.
Less than 7% of Web3 VC funding went to female-led startups: Report
The figure is several times lower than the overall figure for women in startups in various fields.
— Mr Legend Crypto (@mrlegendcrypto) January 12, 2024
The Managing Director of Bitget, Gracy Chen, also said that diversity is the key to sustainable growth in the blockchain industry. According to Gracy,
“Blochain4Her initiative aims to level the playing field by providing incubation programs, pitch competitions, and recognition events.”
“In an industry that is evolving rapidly, diversity and inclusion are vital for sustainable growth,” said Gracy Chen, Managing Director of Bitget, in a press release
— A MIMI RY👩🎨 (@Alexand14308495) January 16, 2024
Tracking the Gender Gap
This initiative is significantly geared toward tackling the gender disparity in venture capital allocation. Moreover, between January 2022 and the third quarter of 2023, Web3 firms led by females obtained only about $1.77 billion out of the $27.85 billion in startup funding. This is according to the data obtained from the research. The percentage of female professionals, in addition, in the crypto industry is declining.
Bitget’s Blockchain for Youth program, concurrently, allocates a $10 million fund for global blockchain startups. This will be done through educational campaigns and meetups. The $10 million Blockchain4Her initiative is part of Bitget’s vision to create a more equitable future through blockchain.
The $10 million commitment by the crypto exchange to Blockchain4Her is vital in tracking the disparities in the blockchain industry. Moreover, by advocating for adversity and supporting female-led startups, the initiative empowers female-led entrepreneurs and enriches the overall blockchain ecosystem with diverse perspectives and innovations.
However, the announcement of Blockchain4Her coincided with the Web3 Hub Davos event at the World Economic Forum 2024.