Perfume won’t fix the crypto industry’s failure to attract women

“Crypto by Binance” has a ring to it, but not in the fragrance market. To be fair, the new scent—billed as “Affordable Affluence” and sold at pop-up stores in Bahrain, is to promote an “Academy” or a learning course and associated credit for women who want to learn more about cryptocurrencies.

“If only women knew more about cryptocurrencies, then surely they would participate” is a common hope among blockchain believers.

Here’s the thing, though: Crypto is a multi-trillion-dollar industry that’s earned the attention of the mainstream media and some of the largest financial institutions in the world. To suggest the paucity of women is due to their lack of knowledge is, at this point, patronizing. Women know very well that cryptocurrencies exist and, thanks to the unprecedented number of offerings today from credible companies, it’s never been easier to jump in.

So, if the matter of women’s participation in “crypto” isn’t a function of education, then what is it? As the kids say, it’s about vibes.

The vibes are why so many women don’t want to participate in the cryptocurrency industry—not because crypto is difficult to understand. It’s not a question of education or money but a question of culture. In other words, Binance, it’s not us – it’s you.

The crypto industry is a gruesome place to spend time, mired in rhetoric that repels polite people from any gender. My observation is that there are simply more men than women willing to tolerate it. When women do convene in the cryptocurrency space, they tend to do so in pockets. Look at the World of Women Discord and the curatorial leadership of NFT sites like Objkt.com for examples of positivity and outsize female representation. They…