• Ripple managing director Sendi Young has called for diversity in the crypto industry, citing the Crypto Bros culture as a roadblock to inclusion.
• Ripple is exploring strategies to foster diversity and increase the representation of different industries within the firm.
• Young emphasized the importance of having role models for everyone at the senior levels to increase inclusion and diversity in crypto.
Ripple Managing Director Calls for Diversity in Crypto Industry
Ripple managing director Sendi Young has voiced her concerns about there being a lack of diversity in the crypto industry due to its perception as “Crypto Bros” culture. She believes that this is preventing people from non-tech or finance sectors from entering into the space. In order to encourage more diverse representation within Ripple, she has proposed several strategies such as employing a diverse slate approach during recruitment and setting clear objectives around increasing inclusion and diversity goals.
The Problem with Crypto’s Libertarian Roots
Young also mentioned that another challenge facing institutional adoption of cryptocurrencies is its libertarian roots which can be seen through its decentralized nature and early adopters who have strong views on government intervention or regulation. This could pose an obstacle to convincing larger corporations or financial institutions to invest in cryptocurrency technologies if their values are not aligned with those of its users.
Diverse Slate Approach Explained
The Diverse Slate approach involves considering two or more candidates from underrepresented groups when recruiting for a position, thus helping companies achieve their inclusion and diversity goals. This strategy was first implemented by NFL with their Rooney Rule which saw an increase in black head coaches from 6% to 22% within four years, proving it successful.
Role Models Important for Achieving Goals
In order to reach its desired future destination, Ripple does not only want to set clear objectives around increasing inclusion and diversity but also wants all staff members at all levels represented by role models from minority backgrounds so they can serve as inspirations for other aspiring individuals wanting to make it in the industry.
Conclusion
By tackling issues such as gender inequality, racial discrimination, cultural differences etc., Ripple hopes that it can help create a fairer environment within cryptocurrency where everyone feels like they belong regardless of their background or expertise so they can contribute towards creating a brighter future together.