Zug ’s Crypto Valley Association( CVA) intends to include two more women in its board of directors in a push aimed at boosting the role of women in the male dominated cryptocurrency industry. Commenting on the decision, CVA rep Leeanne Abapo Senn told SwissInfo.ch
“We want to create a space that works for everyone rather than just carry on with the same old boys’ club and their cronies. Our objective is to elevate the dynamic women who have contributed to Crypto Valley and to create a stronger, more inclusive ecosystem.”
Zug is deemed switzerland’s variant of california ’s Silicon valley, and is home to more than 200 cryptocurrency firms, including several blockchain companies. Zug is now a haven for cryptocurrency businesses largely due to its tax cuts and pro – business regulations.
The Crypto Valley Association has over 1,000 prominent members, including several key crypto industry investors, lawyers, firms and management consultants.
Leeanne Abapo senn, who currently works on the Cva ’s press team, said she ’s disturbed by the dearth of women in executive positions, and said the Cva is actually taking additional steps to expand its board of directors following the June 8 election produced an all- male board.
Abapo Senn asserts women didn’t run for a role in charge because the nomination guidelines were not emphatically publicised. as a result, the Cva has called a special hearing on September 20 primarily to expand the board to include two women. So far, 43 female candidates have applied for the openings.
The Crypto Valley association issued a statement stating it endorses the proactive participation of women because this would “strengthen the Association through a diversity of perspectives, experience and skills.”
Crypto domination by men
cryptocurrencies such as Bitcoin and Ethereum have quickly crystallized into audience favourites due to their above- average returns and dramatic price fluctuations, but women are missing in the field.
As cryptocurrencies become even more mainstream, will more females enter the crypto environment? Observers say it’s probable if investing money in these highly speculative assets becomes less tricky.
Iliana Oris valiente, managing director of Blockchain at Accenture canada revealed that when she entered the cryptocurrency field she was the only female in the region.
Iliana Oris valiente said CBC “In 2014, when this started to become a core component of my day job, I was regularly the only female in the room, period.”
Gradually, that’s improving, although at a slow pace. “We’re starting to see really strong females in leadership roles,” Valiente stated. Fyi: about 13% of the biggest initial coin offerings (ICOs) today are headed by females.
Then why are there so few women in the world of cryptocurrencies? According to a Google Analytics poll, men constitute 91% of the Bitcoin community, while women comprise only 9%. Many experts say it’s because women are much more risk averse than men, and that’s one of the important reason why they are less seen in the speculative world of cryptocurrencies.
Women avoid risks
Anna dreber, professor of economics at the Stockholm School of economics, stated that men are much more prepared to take bigger risks, and recent studies just seem to endorse this hypothesis.
Per a study cited by the Financial times, there’s a 64% possibility that a random man is prepared to take more financial risks than a random woman. Likewise, a 2016 study submitted at the Australasian Finance and Banking Conference shows that women have a lower appetite for risks (both with their personal funds and also with others’ money).
Duncan Stewart, the research director of Deloitte canada ’s technology unit, thinks more females will enter the crypto field if cryptocurrencies demonstrate they ’re not sparks in the pan. Stewart told cbc “if that happens, women will show up to the party.”
