The crypto industry has faced criticism for its lack of diversity, often being portrayed as a world dominated by “crypto bros.” This stereotype stems from the fact that many crypto enthusiasts and professionals come from backgrounds in tech, finance, or other sectors that experience diversity challenges. Ripple’s managing director, Sendi Young, acknowledges the issue and aims to improve diversity and representation within the company.
As Young shared at the Financial Times’s Crypto and Digital Assets Summit, there isn’t a single solution to increase diversity. Instead, Ripple is implementing multiple strategies to tackle the problem. One such approach is diverse slate, a popular technique used in recruitment processes to ensure a minimum representation of two underrepresented groups for every job vacancy.
Diverse slate was popularized by the NFL’s Rooney Rule back in 2003. The rule led to a significant increase in the number of Black head coaches, skyrocketing from 6% to 22% within just four years. Young highlights the importance of having role models at senior levels within the organization to motivate others.
Ripple is taking diversity and inclusion as seriously as any other business challenge, setting clear objectives and goals. By collecting data and monitoring metrics, the company can remain informed about its current state and visualize its desired future. According to Young, tackling diversity issues is achievable only through setting tangible objectives and measuring progress.
While addressing diversity concerns, Young also touched upon another obstacle within the crypto space, which pertains to its libertarian roots. This aspect has made the adoption of cryptocurrencies by institutions particularly challenging. Although the industry’s original revolutionary and libertarian ideals still exist, different approaches and balanced viewpoints currently prevail.
In conclusion, Ripple is making strides to tackle the lack of diversity within the world of crypto. By adopting various strategies in recruitment, monitoring progress, and setting tangible goals, the company aims to create a more inclusive environment for all its employees. However, the crypto industry as a whole still has a long way to go in terms of institutional adoption and breaking free from its libertarian roots. While some improvements have been noted, further progress and collaboration are needed to ensure a more balanced and diverse crypto sphere.
Source: Decrypt
