In recent weeks, we’ve made a few comments (like this one and this one) about our goal of minimizing common DeFi scams that leave honest investors penniless.
Let’s face it — DeFi’s got promise… but it’s also got problems.
Still, the mission of Bridges is (much) larger than *just* keeping out bad actors. Our mission is to make the future of finance work for everyone.
“Everyone” is a lot of people, and in this week’s post, we’ll talk about the importance of helping women find financial freedom and prosperity in DeFi.
The very idea of DeFi speaks to a need for the inclusion of women.
When we talk about traditional finance, or TradFi, we’re referring to the organizations that set the rules and call the shots regarding who can participate, how, and when — these are central banks, stock brokers, and even legislative bodies and the courts. The history of TradFi, though, is one that largely left women on the sidelines.
Consider the following: In the United States, women couldn’t have their own bank account until the 1960s, and it wasn’t until 1974 that women had equal access to credit products such as charge cards and home mortgages. (Thanks, RGB.)
Yet, even today, 63% of American women wish they knew more about financial planning and investing, according to a 2017 survey by U.S. News & World Report.
And it’s not just in the U.S. where women remain on the sidelines of traditional finance. In Germany, women lead only 8 of the 100 largest German banks. And in Japan, only in 2020 did the Bank of Japan appoint a woman to one of its six executive director posts.
For women, DeFi can be the Great Equalizer.
But we have to will it to happen.
In the U.S., where women still earn 83-cents on the dollar compared to men, women have less discretionary income to invest into DeFi products. As household management and childcare fall disproportionately on the shoulders of women, women have less time to learn the ins-and-outs of staking, farming, and swapping.
That’s not “democratizing finance.”
At Bridges, we’re pursuing a number of initiatives as part of our goal of helping women find financial freedom and success in DeFi. First among those is our forthcoming “Women in DeFi” podcast, which will feature Bridges Brand Ambassador Breanne Delgado as host. “Women in DeFi” will feature weekly guests who share their personal experiences in order to deconstruct (and demystify) various DeFi topics in order to help women participate in DeFi fully and confidently.
Additionally, we’re creating extensive “DeFi 101” resources. This will be way more than a “How To” guide for buying the Bridge$ token. Rather, it will be a roadmap for understanding everything from Bitcoin to blockchain… and wallets to swaps. If you’re curious about crypto and DeFi but you’re simply unsure of how to get started, keep an eye out for the release of these materials.
What other suggestions do you have to attract more women into DeFi? Let us know, and the Bridges team will discuss them during our next weekly meeting.
