Breaking Norms: Women in Crypto Outearn Men by 15%, Report Reveals

3 months ago 30

ARTICLE AD

The gender pay narrative in crypto now appears to be seeing a surprising twist, according to a recent survey from Pantera Research Lab. In the report, Pantera disclosed that women in the cryptocurrency industry earn significantly more than their male counterparts. This discovery overall suggests a progressive shift towards gender equity that contrasts with that of traditional sectors.

The Shift and The Factors Behind It

Delving further into the report, findings from the Pantera Research Lab survey reveal that the median annual salary for US-based female employees in the digital currency sector is $172,000, compared to $150,000 for men.

This 15% wage disparity in favor of women is quite noteworthy, especially when putting it into perspective. According to Pantera, the $172,000 is equivalent to women earning $1.15 for every dollar earned by men.

The gender wage gap between the Web2 and Web3 space. | Source: Pantera Research Lab

Meanwhile, at non-crypto companies, Pantera noted that “a woman generally earns $0.84 for every dollar earned by a man.” The reasons behind this wage inversion are multifaceted. One explanation offered by the survey is the higher average tenure of women in the crypto industry—5.3 years versus 4.5 years for men—which may contribute to their occupying more mid-level to senior positions. This greater presence in higher roles could explain the salary premiums observed.

The report read:

This reverse wage gap may partly be attributable to the differing experience levels between genders. Women in crypto tend to be more experienced and are often in mid-level to senior positions, with over five years in their current roles. In contrast, a larger proportion of men occupy entry-level positions as they transition into the crypto industry.

Men’s earnings compared to women. | Source: Pantera Research Lab

The Catch

Pantera’s survey, conducted online from June 4 to July 20, 2024, gathered responses from 502 full-time professionals within the US. The survey was distributed through various channels, including LinkedIn, X, and industry-specific newsletters, ensuring a broad and diverse set of respondents.

Despite these positive salary figures, challenges remain. The survey points out that women are still underrepresented at the highest echelons of leadership within the industry.

Out of the top 50 crypto CEOs in 2023, only three were women. This underrepresentation at the leadership level highlights ongoing barriers that women face in achieving the highest tiers of professional success in crypto.

However, regardless, the fact that women currently outearn men in the digital currency space highlights a stark contrast to traditional sectors in which gender pay equity may not be a thing.

Pantera concluded in the report:

The “reversed” wage gap may suggest that crypto offers better opportunities for women compared to traditional fields […] the relatively fair wages in crypto suggest a move toward greater gender equity, marking a progressive trend in this fairly new field.