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An open invitation for women to join the Web3 movement

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An open invitation for women to join the Web3 movement

There’s no denying the current narrative about Web3: it’s a boys club. And, if we keep affirming this narrative, it’s bound to come true. The truth of crypto as a boys club won’t just be detrimental to women — it’ll be detrimental to the entire promise and growth of Web3. 

Web3 is not an exclusive club designed to keep people out. It’s a rising-tide-lifts-all-boats party that gets better every time someone new joins. The more people involved, the better the outcomes for everyone.

My introduction to crypto came early: It was 2013, and I’d been invited to a small get-together at SXSW in Austin to debate tech and trends — specifically, Bitcoin (BTC). I was the only woman in that group. Many of us knew nothing about Bitcoin, but over the course of the evening, we were invited to get educated. At the time, Bitcoin was trading for $35. Some of us invested that night, others a few weeks later. I waited until the end of the year and bought into the movement at $841 a coin. That decision to jump in has shaped my life considerably. Today, Bitcoin is trading at around $40,000 a coin.

I’ve thought back many times of being in that room in Austin, grateful I was part of those early conversations. But, I’m also a true believer that the conversation is only just beginning. It’s not too late to consider investing in this burgeoning industry.

Related: If the glass slipper doesn’t fit, smash it: Unraveling the myth of gender equality in crypto

“Web3 becomes more welcoming when speculation takes a backseat to participation,” Julian Weisser, a core member of ConstitutionDAO, recently told me. He added:

“When people feel like owners instead of speculators or flippers, they will have a deeper connection to a project. We need more Web3 initiatives that will appeal to humanity’s infinitely-wide range of interests.”

Web3 can (and should) upend years of economic inequality

It’s important to understand some of the reasons why crypto has received the “boys club” reputation so we can smash it. At its core, I believe that because crypto was billed as a risky investment at the start. Women, who are naturally more risk averse, shielded away from the initial wave.

Today, the gap between men and women in crypto aligns with the legacy of traditional investment verticals skewing toward men. While 40% of men own individual stocks, just 24% of women do, based on a survey conducted by CNBC and Acorns. Likewise, three-quarters of crypto holders are men, which means many women are missing out on a total market that has an estimated value of $2 trillion, according to a 2021 State of U.S. Crypto report by cryptocurrency exchange Gemini.

But, it’s not too late to right the ship, and I think if we do, there is a great possibility for women to smash some gender wealth and pay gaps that have sowed their way into the fabric of our society. While it may be increasingly difficult to combat inequality in generational wealth that was accumulated through traditional investment means, Web3 is a blank slate. Why fall into the old patterns when looking at a new frontier? The great promise of digital currencies like Bitcoin and Ether (ETH) was their ability to flip the script on Wall Street. Let’s use it to flip the script for women’s financial future, too.

Related: Is crypto a boys’ club? The future of finance is not gendered

Making Web3 an everyone club

So, how do we move the needle today to make Web3 an everyone club?

Well, part of the hurdle is the barrier to entry. The way people learn about Web3 is generally pretty insular — a friend tells a friend about a Discord channel to follow to learn more or they tag a pal on Twitter in an interesting thread. Since most of the early adopters of the movement were men, it followed that they recruited their male friends to get involved, too. Simply reaching deeper into your network is the most effective way to get more women involved.

I was lucky enough to have an advocate, Gary Vaynerchuck, invite me to that early meeting in 2013. We need more of this. In order for the movement to grow and gain legitimacy, we need everyone involved. I’d like to challenge men involved in Web3 to think of a woman they can invite to their next meeting. And, I’d like to challenge women to ask questions and see this opportunity as a way to align their wealth with men. This is a moment in which you can change the course of female wealth not just today, but well into the future.

There are many women now joining the movement inviting others in, as well. It’s starting. And, I’m so pleased to be at the forefront of the shift. Web3 is making its debut in traditionally female venues now. Look no further than Shopify, the online sales platform, which reports 52% of its customers are women, is creating a marketplace for NFT sales. In the United Kingdom, a new campaign called Women Rise has a goal of getting 100,000 women into crypto by the end of this year. The nonprofit Women in Blockchain has been working since 2017 to make the world of crypto more welcoming. And, last October, a physical version of an NFT from Boss Beauties, a collection of 10,000 digital portraits of women, was even displayed at the New York Stock Exchange.

This February, a 22-year-old day-trader turned crypto investor named Amy Matsushima introduced the NFT collection “Women of Crypto” as her way of educating other young women about NFTs. The entire collection of nearly 9,000 avatars sold out in ten hours. Amy, who invested $20,000 in crypto when she was 19 years old, saw the gender imbalance in Web3 and recognized this disparity for what it is: An opportunity.

Related: While men wanted, women did: Empowering female creators with NFTs and crypto

I see it the same way. If you think Web3 is an exclusive club designed to leave people out, change your mindset. The party, that is, the Web3 revolution, is a “more the merrier” proposition and we want everyone to join in. Anyone who’s already invested has an obligation to invite those on the outside in. And, the beauty of it — as Matsushima understood — is that the more people who join, the greater the value for everyone involved: A rising tide lifts all boats.

If you’re a woman, here’s my open invitation to you to join the Web3 movement. Check out some of the resources above or follow some of my favorite folks: Emilie Choi, Rebecca Kaden, Meagan Loyst, Yam Karkai, Gary Vaynerchuck and Julian Weisser.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Nikki Farb is an active investor and adviser to technology companies. She is currently a venture partner at Headline and is partnering with and investing in the best entrepreneurs in Web3. She advises SoFi, and is an investor in Consensys (MetaMask), Fractal, AfterParty and Wander. After university, Farb joined Goldman Sachs’ Investment Banking Division. Farb has been involved in the Web3 movement since 2013, having invested in Bitcoin then, and is deeply passionate about the potential for this computing paradigm and its ability to help more people tap into personal and collective brilliance.

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Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard’s Assets

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Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard’s Assets

Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard's Assets

The South Korean police have reportedly launched an investigation into possible embezzlement involving an employee of Terraform Labs. To prevent fund transfers, the police have requested crypto exchanges to freeze the Luna Foundation Guard’s accounts.

Embezzlement Investigation and Asset Freeze

The Seoul Metropolitan Police Agency’s Cybercrime ​​Investigation Unit announced Monday that it has launched an investigation into possible embezzlement by an employee of Terraform Labs, local media reported.

An official from the Seoul Metropolitan Police Agency was quoted by Chosun as saying:

We have received information that there is a person suspected of embezzling corporate funds who is believed to be an employee of Terraform Labs.

The police received reports of the alleged embezzlement in the middle of this month and have been looking into the case. As part of the investigation, the police plan to check the details of cash and crypto transactions of Terraform Labs and the Luna Foundation Guard (LFG).

The police explained that there is evidence that embezzled funds had flowed into the Luna Foundation Guard’s accounts. The cybercrime unit has therefore requested major domestic cryptocurrency exchanges, such as Upbit and Bithumb, to “urgently” freeze the accounts belonging to the Luna Foundation Guard to prevent withdrawals of funds held at crypto exchanges.

However, the police’s freeze request is not a compulsory matter according to Korean laws and regulations but a matter that needs to be arbitrarily performed by each crypto exchange. Therefore, it has not been confirmed whether the freeze requests have been carried out, the publication conveyed.

Cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed earlier this month after UST lost its peg to the U.S. dollar.

Following the collapse, the Korean government launched an emergency investigation into the two coins and met with representatives of the country’s top crypto exchanges to discuss measures to prevent similar incidents from happening.

Last week, a number of victims filed a lawsuit against Terraform Labs CEO Kwon Do-hyung (aka Do Kwon) with the Seoul Southern District Prosecutors Office on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud) and the Act on the Regulation of Similar Receipts.

In addition, Do Kwon dissolved Terraform Labs Korea days before the collapse of LUNA and UST. While many suspected foul play, Kwon claimed that the timing was just “coincidental.” He also claims that his company does not owe the Korean government any taxes.

What do you think about this case? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Registration For The Upcoming VERSE Token By Bitcoin․com Is Now Open

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Registration For The Upcoming VERSE Token By Bitcoin․com Is Now Open

press release

Registrations are now open for the VERSE token sale, which will begin in the later part of June 2022. Interested parties who register can participate in the token sale immediately upon launch.

Miami, Florida – May 23rd, 2022 – VERSE is the rewards and utility token distributed to holders who participate in the Bitcoin.com ecosystem. Bitcoin.com is a global leader in introducing newcomers to cryptocurrency and is the go-to platform for educational resources, news, and more. Bitcoin.com’s ecosystem includes 30 million wallets and more than five million monthly active users across various products and services.

The VERSE token will reward users who engage in buying, selling, spending, swapping, and staying informed about cryptocurrency. Rewards will be allocated by interacting with the Verse DEX, staking VERSE, cashback paid in VERSE, and using VERSE as collateral in various lending pools. Additionally, token holders will receive access to exclusive products and services.

VERSE is a cross-chain token using the ERC-20 token standard on the Ethereum blockchain. The Verse team will actively explore opportunities to expand the token into low-fee Ethereum Virtual Machine-compatible networks to provide an optimal user experience.

The VERSE supply is fixed at 210 billion tokens, distributed over seven years through a block-to-block approach. A further breakdown looks as follows:

  • 10% sold during Sale A (completed in May 2022)
  • 6% being sold during Sale B (coming in June 2022)
  • 15% allocated to the team
  • 35% set aside for ecosystem incentives
  • 34% will be used for funding future development of Verse and its ecosystem

The first token sale raised $33.6 million last month from notable market participants such as Blockchain.com, KuCoin, and Digital Strategies along with thought leaders like Roger Ver, Jihan Wu, and David Wachsman.

“We were honored to see such outspoken support during our first token sale round. Furthermore, we could not be more excited about bringing our second token sale to the public and providing more people with access to VERSE. This new utility token marks a crucial milestone for the Bitcoin.com ecosystem. It will enable us to enhance the mainstream appeal of cryptocurrency and blockchain through our buy/sell services, news coverage, and educational tools” said Dennis Jarvis, CEO Bitcoin.com.

To participate in the upcoming VERSE token sale, interested parties need to register on the Verse website. They will be the first to know when the VERSE token sale is live.

Registrants need an Ethereum wallet – such as the Bitcoin.com Wallet – to receive the VERSE tokens. Payment for the token sale is possible with Bitcoin, Bitcoin Cash, Ethereum, USDT, and USDC.

The Verse community already counts over twenty-five thousand participants combined across Telegram and Discord. VERSE tokens will be minted following the conclusion of the Verse public sale in July.

The VERSE token sale is not available to U.S. purchasers.

Bitcoin.com

Bitcoin.com is your premier source for everything Bitcoin-related. We can help you buy bitcoins and choose a bitcoin wallet. You can also read the latest news, or engage with the community on our Bitcoin Forum. Please keep in mind that this is a commercial website that lists wallets, exchanges and other Bitcoin-related companies.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Popular Radio Presenter Suspended for Alleged Ties to Bitcoin Scam

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Popular Radio Presenter Suspended for Alleged Ties to Bitcoin Scam

South Africa’s national broadcaster has suspended one of its employees that is accused of convincing unsuspecting people, including pensioners, to invest in a cryptocurrency scam. More than 100 people are believed to have fallen victim to promises of very high returns to investors in the bitcoin investment scheme.

300% Return on Investment

The South African state broadcaster recently suspended one of its radio presenters, Sebasa Mogale, after a media exposé suggested he may have been part of a cryptocurrency scam outfit that reportedly promised a 300% return on investment.

The decision to suspend the popular broadcaster, who also plays a role in South Africa’s popular television series Skeem Saam, was made after an investigative report by the media outlet Carte Blanche identified him as one of the masterminds behind the scam that allegedly fleeced more than 100 people.

Reports of Mogale’s suspension were confirmed by Gugu Ntuli, the South African Broadcasting Corporation (SABC) group executive responsible for corporate affairs and marketing. In a statement, the executive said:

Thobela FM has taken a decision to unschedule Sebasa Mogale, (Ntshirogele) Afternoon Drive presenter, following the Carte Blanche exposé. Mr Mogale is being afforded an opportunity to resolve the issues raised in the recent broadcast which pertain to his personal business dealings involving cryptocurrency.

Ntuli added that the SABC will “leave no stone unturned” in its own probe into Mogale’s role in the scam.

A Confidence Trickster

According to an exposé by Carte Blanche, Mogale had used his celebrity status to lure some listeners of his radio show to invest. The media outlet’s report said investors with no training in personal finance management had “cashed in their pensions and savings policies.” However, in the end, Mogale’s promises turned out to be empty.

“But for at least 140 people the man they trusted to guide them through the crypto maze appears to have been little more than a confidence trickster,” reads part of Carte Blanche’s summary of the exposé.

Following news of Mogale’s suspension, some of the victims of the scam have come forward to reveal their losses. Sello Bonoko is quoted in another report explaining he became a victim after he listened to Mogale’s bitcoin investment pitch that “sounded convincing.” He also said he trusted Mogale’s promises primarily because these were made on national radio. Bonoko said he lost more than $14,500 (R230,000).

Meanwhile, a spokesman for the South African police is quoted in the report telling Mogale’s victims to file reports with law enforcement. He said the police can only act after formally receiving the complaints.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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