The future is brightest for women who crypto
Growing a fintech business is not immune to gender imbalance.
When I read recently that Bitcoin transactions account for just under 9% by women, I decided to do some further research and soon came to the conclusion that something needed to be done about this huge disparity.
Two months ago, Dacxi decided to undertake some research to uncover why women were not as forthcoming into the crypto-space as they might be and from what I found, chiefly around lack of confidence, understanding and of course ‘the unknown’, it gave me a reason to ensure that, in the future, women would be armed with the necessary education and tools to be confident about cryptocurrency, and hence the ‘Women Who Crypto’ movement was born.
Despite lockdown, our immediate uptake across the UK has surpassed our initial expectations. We’ve provided online events which have been hugely supported by women interested or working in retail crypto and we believe that as a new ‘movement’ Women Who Crypto has become the largest community group of its type in the UK and possibly the world!
Indeed, a recent poll of female investors, by Dacxi, showed that 41% of the women surveyed were looking to purchase crypto assets of more than £1,000 in the next 12 months, but that lack of knowledge was the prime limiting factor.
For the women that were intending to purchase, 97% of them were motivated by long term financial planning. We seek to address access to the relevant information to empower our community to make decisions about their future financial security.
Crypto, of course, has been the best performing asset class over the last year. Whilst this is impressive and people saw the benefits of crypto investment, there was a distinct lack of entry-level education and whilst we wanted to ensure that everyone who was investing, did so in a pragmatic way.
Fundamentally, we felt that more could be done in getting people and women in particular, more access to entry-level education around crypto and have done this by launching a certified crypto-coach programme, which we believe to be world’s first.
Certainly, 2020 has given rise to a broad feeling that traditional financial infrastructure is not fit for purpose and a small number of proven cryptocurrencies stand in the wings ready to take a starring role. Indeed, a recent ING International Survey stated that: “25% of Europeans, 21% of Americans and 15% of Australians” intend to own crypto assets in the future.
In 2017, we saw the first crypto asset boom, resulting in some of the highest percentage returns seen in the history of financial markets. Much of the industry analysis focuses on the forthcoming growth expected in the short term, as more institutional investors come to the table, as some of the world’s largest exchanges and brokerages launch their own exchanges, including The New York Stock Exchange Singapore SE, Fidelity and many others.
The Women Who Crypto group is looking to profit from these gains in what we expect to be another period of hyper-growth before the market matures and levels out.
This article was contributed by Katharine Wooller, MD, Dacxi UK & Eire
Katharine Wooller is managing director of Dacxi UK & Eire, a retail crypto exchange. She leads the Women Who Crypto initiative.
NFT Marketplace Rarible Raises US$14.2m
Alongside the funding announcement, Rarible has shared that they’ve officially partnered with NBA Top Shot maker Dapper Labs to bring their NFT marketplace to Dapper’s Flow blockchain. Dapper Labs has begun building out a wider coalition of NFT platforms on its proprietary blockchain which is more energy-efficient and less costly than transactions on the Ethereum network.
“To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences. As a blockchain, Flow enables easier access and lowers the entry barrier for traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption.
“In the coming couple of months, we will be bringing Rarible on Flow as a primary and secondary marketplace, also welcoming the robust ecosystem of projects built on Flow blockchain,” Rarible said.
According to the company, last June, 6 months post-launch, total trading volume on Rarible hit the $28,000 mark. By June 2021 it grew by a mind-blowing 3000x, reaching $150 million in total sales.
“Just as we have always been at the forefront of the NFT movement, Rarible is determined to pioneer the next wave,” the co-founder of Rarible’s marketplace and CEO Alexei Falin said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.”
In a blog post the company says they hope to use this funding to explore more user-friendly developments like accepting credit card payments. “We need a world where an indie creator can effortlessly create an NFT and sell it for $5 to his community of supporters, as well as where a pop icon can use NFTs to establish close contact with her multi-million audience in a sustainable way.”
Rarible has a lot underway in the upcoming few months, including the launch of Rarible NFT protocol, L2 solution for scalability and sustainability, credit card payments, adoption of Flow blockchain, multiple partnerships and drops, and more. Many projects are already working on integrations with Rarible protocol, such as the partnership with one-click NFT creator S!NG that allows users to mint and put their NFTs on sale with no costs involved.