Bitget, a global leading cryptocurrency exchange and Web3 company, has released a research report analyzing the latest trends in funding for blockchain startups and the impact of gender differences on investment patterns. The two-year study provides a clear overview of the funding gap between male-led and female-led startups and aims to highlight the gender inequality issues in the industry and explore potential solutions.
Key findings of the report include a 70.1% quarterly decrease in funding for blockchain startups 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. Although the number of female-led blockchain startups declined by 45.2% since early 2022, there has been a slight recovery, with the percentage of female-led startups increasing from 8.3% in 2022 to 8.6% in Q3 2023.
The report emphasizes the need for incubators that foster female-founded startups and create a more inclusive and encouraging environment for their development. It also delves into the underlying reasons for the persistent disparities, attributing the funding gap for female-led blockchain startups to overall investment trends, the state of the cryptocurrency market, investor sentiment, and biases that result in over 90% of funds flowing into male-led projects.
Bitget’s research is based on data from Q1 2022 to Q3 2023, providing the latest insights into current market evaluation principles and potential trends. One of the significant trends affecting funding supply is the prevailing bearish sentiment, with a 61.6% decrease in trading volume in 2022, leading to reduced 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, representing only 6.34% of the total amount. However, there has been a slight increase in the share of female-led startups, rising from 8.3% in 2022 to 8.6% in Q3 2023. The correlation between founder gender and investment amounts highlighted by Bitget’s research raises questions about the prevailing biases in the cryptocurrency industry. Given the inclusive and global nature of blockchain-based economies, gender bias is an unacceptable phenomenon that needs to be addressed.
Bitget CEO Gracy Chen commented on the report, stating the importance of addressing gender inequality in the industry and the need for a more inclusive and diverse ecosystem.
About Bitget:
Founded in 2018, Bitget is a world-leading cryptocurrency exchange and Web3 company that serves over 20 million users in more than 100 countries. With its innovative copy trading feature and other trading solutions, Bitget aims to help users trade more intelligently.
Bitget Wallet, formerly known as BitKeep, is a top-tier multi-chain cryptocurrency wallet that offers a comprehensive range of Web3 solutions and features, including wallet functions, exchanges, NFT marketplaces, and DApp browsers. Bitget encourages the adoption of cryptocurrencies through partnerships with Argentine football legend Lionel Messi and official esports event organizer PGL.
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