Crypto Bros Stereotype Holds Back Diversity: Ripple MD Calls For Change13. Mai 2023
• Ripple Managing Director Sendi Young has called for more diversity in the crypto industry, citing the Crypto Bros culture as a roadblock to inclusion.
• Ripple is exploring strategies to foster diversity and increase representation of different industries within the firm.
• Besides the issue of diversity, Young spoke of the roadblocks to crypto adoption at institutional levels due to its libertarian roots.
Ripple Calls for Diversity In Crypto Industry
Ripple managing director Sendi Young has called for more diversity in the crypto industry, citing the Crypto Bros culture as a roadblock to inclusion. Seeing that the Crypto Bros stereotype still exists in the space shows diversification is far from achieved. During an event hosted by The Financial Times, she pointed out that people coming into crypto are mostly from tech or finance-related backgrounds, thus creating a challenge for diversity.
Approaches To Boost Diversity and Inclusion
In order to find solutions for this problem, Ripple is exploring strategies to foster diversity and increase representation of different industries within their firm. One approach suggested by Young is employing a diverse slate approach during recruitment, which means considering two or more candidates from underrepresented groups when hiring for any position. This strategy became popular after it was implemented by NFL’s Rooney Rule which saw an increase in black head coaches from 6% to 22% within four years time. Additionally, Young also emphasized on having role models from all sectors at senior level positions in order to promote inclusion and equality in workspace.
Challenges To Institutional Adoption
Besides discussing about increasing diversity within crypto firms, Young also addressed other challenges posed by crypto’s libertarian roots when it comes to institutional adoption such as scalability issues or lack of regulatory clarity which holds back investors from taking advantage of this technology on a large scale basis. She believes that although these challenges remain as obstacles but with proper guidance and regulation these hurdles can be overcome with ease over time .
The Need For Diversity In Crypto Space
Young believes that if cryptocurrency wants become mainstream then it needs to attract more people from non-tech or finance related sector who have innovative ideas but lack resources required for entering this space due lack of representation among minorities . Furthermore , she said that without clear goals and objectives , companies won’t be able achieve desired outcomes related to increasing diversity .
All in all , Ripple MD Sendi Young highlighted both need and importance of diversifying workforce in cryptocurrency industry so everyone can benefit equally without having any prejudice against them due their background . She believes that only through proper regulations , education , awareness and support will help increase adoption rate among public regarding cryptocurrencies .