Bitget, a leading global cryptocurrency exchange and Web3 company, has released a research report analyzing the latest trends in blockchain startup funding and its impact on gender differences in investment patterns.
The two-year study provides a clear overview of the funding gap between male and female-led startups based on qualitative and quantitative data. Its purpose is to highlight the gender inequality issues in the industry and explore potential solutions.
Key findings of the report include:
– Overall, blockchain startup funding has declined by 70.1% per quarter from Q1 2022 to Q3 2023.
– During the research period, blockchain startups raised a total of $27.85 billion, with female-led startups receiving only 6.34% of the overall funding.
– The number of female-led blockchain startups has decreased by 45.2% since early 2022, but there has been a recent recovery.
– The proportion of female-led startups increased slightly from 8.3% in 2022 to 8.6% in Q3 2023.
– Female-led blockchain projects are more sensitive to negative changes in funding but less sensitive to bullish trends.
– There is a need for incubators that can foster female-founded startups and create a more inclusive and encouraging environment for their development.
The report delves into the main reasons for the persistent differences, pointing out that the funding of female-led blockchain startups is influenced by overall trends in startup investments, the overall cryptocurrency market, investor sentiment, and biases. The latter factor is believed to result in over 90% of funds flowing into male-led projects.
Bitget’s research methodology is based on the latest insights into the current market evaluation principles and potential trends from Q1 2022 to Q3 2023. One of the major trends affecting funding supply is the prevailing bearish sentiment, with trading volume declining by 61.6% in 2022, leading to a decrease in investment amounts, reaching a record low of $1.97 billion, accounting for 29.1% of the peak in early 2022.
Gender bias has been proven to have a decisive impact on investments, as statistics show that male-led startups attracted $27.85 billion, while female-led blockchain startups raised $1.77 billion, accounting for only 6.34% of the total amount. However, the share of female-led startups has seen a slight increase from 8.3% in 2022 to 8.6% in Q3 2023.
Bitget’s research reveals a clear correlation between founder gender and investment amounts, raising questions about the dominance of biases in the cryptocurrency industry. Considering the inclusive and global nature of blockchain-based economies, gender bias is an unacceptable phenomenon that needs to be addressed. Gracy Chen, the General Manager of Bitget, commented on the report:
About Bitget:
Founded in 2018, Bitget is a world-leading cryptocurrency exchange and Web3 company that currently serves over 20 million users in more than 100 countries. It is committed to helping users trade more intelligently through its innovative copy-trading feature and other trading solutions.
Bitget Wallet, formerly known as BitKeep, is a top-tier multi-chain cryptocurrency wallet that provides a comprehensive range of Web3 solutions and features, including wallet functionality, exchanges, NFT marketplaces, DApp browsers, and more. Bitget encourages the adoption of cryptocurrencies through collaborations with Argentine legendary footballer Messi and official esports organization PGL.
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