Bit-get, one of the leading crypto exchanges, released a report sometime in early January, about a gender gap in the web3 space, between men and women. The exchange was quick to act on the gap with a major fund for women in web3.
In the report, Bitget points out that women-led startups only received about 7% of the VC funding in web3 over the last two years, with their male counterparts receiving a whopping 93% share of the billions of dollars that flowed into web3 startups since 2022.
This week, Bit-get has taken the first step towards a remedy, by pledging $10 million to a new initiative that empowers women in the Web3 and blockchain industry.
This initiative is called Blockchain4Her Initiative and will provide women-led startups with mentorship, education, and exposure.
According to the initial report from Bitget Research, the gender gap between men and women in terms of VC funding is not only persistent but is also widening.
In the report, Bitget says that web3 startups received a whopping $27.85 billion in VC funding since 2022. However, out of this total, only about 6.43% went to startups founded or run by women.
In essence, women only received about $1.77 billion in two years, while male-led startups received $26.08 billion, or 93.57%, of the total.
Additional information from TechCrunch reveals that just around 1.9%, or about $4.5 billion, of the $238.3 billion in venture capital granted to US companies in 2018 went to teams made up entirely of women. The 2022 figure was even less than the 2.4% from the previous year.
This points to a larger problem in society, as well as a need to address the issues with inclusivity, particularly in a still-growing niche like web3.
Bitget, in a new report, emphasized these problems and proposed a solution with the Blockcain4Her initiative.
The crypto exchange has also donated $10 million to invest in women-led startups in the Web3 industry.
These funds will start incubation programs designed for female founders, as well as pitch competitions for women-founded startups.
By giving female entrepreneurs greater chances and resources, Blockchain4Her seeks to push for gender inclusiveness in the blockchain sector, by encouraging more women to enter the field and become inventors, leaders, and users.
A variety of events and initiatives are available for women in Web3 through Blockchain4Her, including Incubation programs, Pitch competitions, Women in Blockchain Summit & Awards, Ambassadors programs and a lot more.
According to Bitget's press release, all women with an interest in Web3 and blockchain are welcome to join Blockchain4Her, regardless of whether they are entrepreneurs, developers, investors, or just fans.
Women interested in participating in the project are also invited to visit Bitget's official website, register and follow Bitget on social media.
All things considered, Bitget's approach to Web3 and inclusion is a positive move toward promoting the idea that Web3 is the internet's future and that everyone should have equal access and rights to engage with it.
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