Ripple Managing Directior: 'Crypto Bros Are a Problem' – Calls for More Diversity in Industry
Ripple managing director Sendi Young has called for diversity in the crypto industry, citing the Crypto Bros culture as a roadblock to inclusion.
Seeing that the Crypto Bros stereotype still exists in the crypto industry shows diversification is far from the space.
Young said this at the Crypto and Digital Assets Summit hosted by the Financial Times.
The Ripple MD believes that crypto needs to diversify to allow people from non-tech or finance sectors a place in the industry.
Approaches To Boost Diversity and Inclusion in Crypto
In her statement, Sendi Young intends to find a solution for the Crypto Bros stereotype. According to Young, people coming to crypto are either from tech, finance, or related sectors, posing diversity challenges.
As a result, Ripple is exploring strategies to foster diversity and increase the representation of different industries within the firm.
Young agrees that changing the status quo would be challenging.
The director admitted there are several ways to uphold diverse industrial inclusion in crypto, and one magic bullet won't achieve the desired solution.
She pointed out that firms could employ the diverse slate approach during recruitment.
That will ensure that at least two underrepresented groups have representation in every role.
The Diverse Slate approach enables firms to recruit talents from many groups. The hiring managers must consider two or more candidates from a minority group when recruiting for a position.
This approach facilitates a company's inclusion and diversity efforts.
It became popular in 2003 when the NFL implemented the Rooney Rule, which saw the number of black head coaches increase from 6% to 22% in four years.
While speaking on the topic, the Ripple director emphasized the importance of having role models for everyone at the senior levels.
This implies that Ripple takes the issue of diversity seriously and treats it like it would with any business challenge.
The firm has set clear objectives and goals and wants to increase diversity and inclusion as part of its strategy to reach its desired future destination.
In Young's words, if you don't measure your goals and set tangible objectives around them, you won't achieve them.
Crypto’s Libertarian Roots Pose Challenges To Institutional Adoption
Besides the issue of diversity, Young spoke of the roadblocks to crypto adoption at the institutional level.
She cited crypto’s libertarian nature as a challenge to institutional adoption.
However, she noted that the crypto space has shifted from the original libertarian status quo, but the maximalist groups remain.
Hence she concluded that crypto has not completely shifted from its roots but has acquired more balance between the different schools of thought.