Yahoo Finance Club for women in crypto promises to close gender funding gap
A new crypto start-up has been created to help female entrepreneurs access funding for their projects.
There is currently a lack of gender diversity in the crypto and web3 space.
According to BCG research, female-led start-ups deliver higher returns on investment, nearly 10% more over a five-year period, than those led by men.
However, crypto initiatives led by women are rare in a sector dominated by men and are less likely to receive funding from venture capitalists.
Now a crypto start-up called AllStars Women has a goal to close the gender funding gap and make the crypto-space more inclusive.
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Kadine James, partner and adviser to AllStars Women NFT and DAO told Yahoo Finance UK: "Only 5% of founders in the crypto-space are women.
"AllStars Women is a female NFT club and DAO, that will invest in female-led crypto startups.
"It is a community that is growing and shaping an all-new inclusive ecosystem and envisioning how society can experience the next 50 years of the internet."
The new company is structured as a DAO, or decentralised autonomous organisation, and supports women to successfully close the gender funding gap that exists in the industry.
Co-founder of AllStars Women Leila Hurstel said that there is also a problem with educating women about the crypto space.
"Only 9% of women feel they understand crypto, and this means that the majority of women are being left behind from one of the most important opportunities for wealth creation of our generation," Hurstel said.
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The start-up’s DAO structure democratises the funding process, where owners of $ALL tokens have a vote share in which projects receive funding.
The $ALL token is AllStars Women's native cryptocurrency and is backed by funding from female venture capitalists.
The AllStars Women startup promises to provide female leaders and entrepreneurs in the crypto space access to the capital, network, and resources they need to succeed. They are also currently looking to partner with VCs and angel investors who are eager to back female entrepreneurs and who want to help build cryptocurrency, NFT and Metaverse projects.
A recent survey by US cryptocurrency financial services company BlockFi found that nearly one in three women in the US say they are planning to purchase cryptocurrencies in 2022.
The research from January of this year also discovered that the majority of that third, over 60%, intended to purchase crypto in the next three months.
Flori Marquez, founder and senior vice-president of operations at BlockFi said: "It's very exciting to know that women are becoming more aware of the benefits of owning crypto and expressing interest in working in the crypto sector.
"Now it's our responsibility to continue to close the education gap and provide as many on-ramps as possible, so women can easily gain exposure to crypto markets and get comfortable doing more with their crypto."
