Binance.com creating an environment of financial literacy and inclusion for women
Through these efforts, Binance seeks to fulfill the original promise of cryptocurrency: financial empowerment for everyone. Not only that, greater inclusion of women in the crypto community could help make considerable progress when it comes to a longstanding issue in the developing world: access to adequate banking and other financial services.
Female Inclusion is Transforming Binance, Both Inside and Out
Binance's commitment to gender equality and inclusion extends both inside the company, as well as into the global cryptocurrency community. As Binance CMO Rachel Conlan has noted, 'Binance remains a leader in driving gender diversity across crypto and tech. Women now represent 40% of our workforce and half of our marketing team.'
As for the company's crypto inclusions efforts for the global community at-large, Binance has engaged in extensive promotion of greater female inclusion in crypto. These efforts have included educational programs, financial literacy programs, and community-building initiatives, such as by holding events around the world for International Women's Day this past March.
For several years, Binance has been active in co-hosting educational and community-building events in sub-Saharan Africa, a region considered ripe for cryptocurrency adoption. These efforts have seemingly already made an impact. More than 20% of crypto startups in the region are founded or led by women. The percentage of crypto held by women in the region (31%) is also in line with the percentage of crypto held by women worldwide.
Fostering increased female inclusion and participation in crypto is not merely a matter of fairness: it may just well serve as the catalyst for improving living standards, particularly in underdeveloped regions of the world. In Sub-Saharan Africa and other developing regions, a longstanding roadblock has been a lack of access to traditional banking.
Although the number of unbanked or underbanked individuals has fallen by around 44% over the past fifteen years, one-sixth of the global population unfortunately still falls within this category. However, with the advent of crypto and the blockchain, a viable alternative to inefficient traditional banking systems in the developing world has emerged.
In terms of personal banking, crypto-based platforms now enable women in these regions to accumulate and grow wealth, Namely, by putting their savings into stablecoins. Women-owned businesses in these regions now have both the ability to safely save/accumulate wealth, as well as obtain access to growth capital, thanks to the emergence of crypto-based microfinance platforms. Besides improving the personal and business finances of the unbanked and underbanked, crypto-based platforms are also emerging as a safer and lower-cost alternative to traditional money remittance systems.
The Work Continues
Binance's commitment to gender inclusion has already both transformed the company and the industry at-large. As Conlan has also previously noted, 'We're seeing more women take on leadership roles, not just at Binance but across the board. At Binance, we are making conscious efforts to create an inclusive environment where diverse voices are valued,'
These efforts have also indirectly helped to address and resolve a major hindrance to the eradication of global poverty. However, all this progress notwithstanding, Binance knows the work continues. In other words, the company is not resting on its laurels, when it comes to engaging in activities that help continue to bridge the crypto gender gap.
For example, the percentage of women working in crypto has increased considerably, but women remain highly underrepresented in senior leadership and C-suite positions. Still, while there's much work to be done, given how quickly the efforts of Binance in this area have made a material impact, this is a promising sign that subsequent efforts will pay off in a big way as well.
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