While there is still a lot of work to be done to further diversify the crypto space, many believe that the blockchain sector in general is more diverse than other technology industries. This could be because the cryptocurrency is characterized by financial inclusion and democratization of the world economy, and attracts a wide variety of people of different nationalities, races, genders, etc. from around the world.
Among this diverse group of attendees, black American founders and thought leaders in particular have helped advance the blockchain and crypto sectors. While some of these people have started blockchain companies or venture capital funds, many also have a major focus on an important, but often overlooked, element: education.
Educating the public about blockchain and crypto
Isaiah Jackson, author of Bitcoin & Black America and host of The Gentlemen of Crypto podcast, told Cointelegraph that education and awareness are bringing more black Americans to the crypto and blockchain space:
“We have a number of amazing black people working in the bitcoin and crypto industries, but a lot of people are unaware of it,” he said, adding, “These people do their part to create books, resources and guides for the Black American Community. “
In particular, Jackson stated that he wrote Bitcoin & Black America as a resource for those in his community who wanted to better understand how Bitcoin (BTC) can be used as a tool for financial freedom:
“Years of exclusion and discrimination in the current financial system have affected the black community, so I wanted to share information on a new financial system that was being built for everyone. You can burn down Black Wall Street, but you cannot burn down Bitcoin. Black people have the opportunity to help build a new digital currency system that can help change our outlook for generations. “
Jackson also mentioned that the popular Clubhouse social media app was a great way to let others know. Jackson helped found the Black Bitcoin Billionaires group, which currently has over 24,000 members.
Lamar Wilson, a software developer and entrepreneur, also helped found Black Bitcoin Billionaires. Wilson told Cointelegraph that they are using Clubhouse specifically to educate others in African American communities about cryptocurrency:
“After all the years of being an African American involved with cryptocurrency, I still haven’t seen many African Americans at events or conferences. The clubhouse enabled us to create a club that directly influences these people and educates them about cryptocurrency. “
In turn, both Wilson and Jackson are using the group to educate those who may not have access to other resources related to bitcoin, crypto, and blockchain. “To get more black Americans into the room, we need to educate ourselves. The only challenge we have to face is education. Bitcoin is not to be believed, but to be understood, ”remarked Wilson.
Tavonia Evans, founder and CEO of Guapcoin (GUAP) – a cryptocurrency that addresses financial and economic troubles for members of the African diaspora – told Cointelegraph that she also uses platforms like Clubhouse to educate people with restricted access:
“It is important that we train those with low access as a lack of education denies them the tools to make decisions that could be beneficial in the long run.”
In addition, Evans regularly speaks to schools and runs webinars for those who are new to learning about cryptocurrency. According to Evans, more black Americans will be involved in the crypto and blockchain space as black voices are amplified.
Black American celebrities educating the community
Fortunately, according to Evans, some black American celebrities have started using their influence to educate the public about the potential of blockchain and cryptocurrency.
For example, American singer and entrepreneur Akon publicly announced plans to build a blockchain-oriented city in Senegal, West Africa. Known as “Akon City,” this development is expected to be completed by 2030 and will provide residents with tools to use crypto on a day-to-day basis while promoting adoption. Akon also created the Akoin (AKN) cryptocurrency, which is now ready for full use in the Mwale Medical and Technology City complex in Kenya.
Shawn Mims, also known as “Mims”, is an American rapper, songwriter and record manager who also innovates in the blockchain space. Mims told Cointelegraph that he was first introduced to the blockchain after winning a 2017 TechCrunch Disrupt competition for a music technology app called Cre8tor. During this time, Mims saw the potential of leveraging blockchain to provide artists with greater transparency for royalty, copywriting, and more.
Mims said he is now focused on raising awareness of blockchain within the music community. To this end, he is building a utility token operated by Ethereum, which enables license fee transparency and offers fans rewards for sharing content. “The name of my token is ‘Tune’. My business partners Erik Mendelson and Winston ‘Blackout’ Thomas and I are working on integrating the technology into the Cre8tor app, ”he said.
In addition to influential people like Akon and Mims, the American venture capital company Andreessen Horowitz helped set up the a16z Cultural Leadership Fund to advance black Americans in technology. The fund was launched by Chris Lyons, a managing partner of Andreessen Horowitz, and consists of cultural leaders such as Sean Diddy Combs, Will Smith and Jada Pinkett Smith, Quincy Jones and others. Most recently, a16z held a clubhouse talk about cryptocurrency and blockchain to educate the public.
Is the blockchain space diverse enough?
Although the blockchain space is diversifying, it is important to distinguish between diversification from a cryptocurrency perspective and from a technological perspective. For example, Mims pointed out that the blockchain space is made up of many different sectors. Because of this, he believes that many black Americans have become interested in crypto investing.
However, Mims noted that he would like to see more black Americans delving into building the technology needed to support digital assets. “More chief technology officers, programmers, and chief executive officers in technology,” he says, are needed to move forward.
Marcus Wardlow, blockchain and product strategy manager at JPMorgan Chase, told Cointelegraph that the technology sector itself is still very white and male, despite having seen several black voices in space. Because of this, Wardlow hopes that the blockchain technology space in particular will continue to develop with a multitude of founders, thought leaders and technologists.
To ensure this, Wardlow mentioned that black technologists should include those from different ethnic and racial backgrounds, including women who are often underrepresented in the tech arena.
This is still evident today as recent statistics show that women make up about 19% of entry-level and mid-level positions in the technology industry. Only around 16% of management positions are held by women, while this figure is only 10% for management positions.
Fortunately, some black American women in the blockchain sector want to encourage more women to get involved. For example, Alexis Johnson, founder and president of Light Node Media – a public relations and events company – told Cointelegraph that being a black woman on blockchain has always felt like a unicorn. “But that will soon change as people become better educated and less intimidated,” said Johnson.
To advance education, Johnson founded the Johns Hopkins Blockchain and Fintech Network in 2019. She noted that this initiative was launched for pioneers, suppliers and innovators in the blockchain and fintech industries who want to learn from others through information sharing, job forums and other resources.
Carrier Eldridge, founder and CEO of ATO Gallery – an art gallery that uses blockchain for transparency – also ensures that black women have a seat at the table. Eldridge told Cointelegraph that as a black woman, she has not been discriminated against in the blockchain space.
In fact, Eldridge noted that her experience was the opposite and that she was always welcomed with open arms at various blockchain events around the world. However, Eldridge mentioned that she had significant hurdles in raising additional rounds of funding:
“As a black woman, I feel like I don’t have equal access to finance. The challenges I have faced boil down to the fact that all black entrepreneurs face in technology. It is an alarming fact that by 2021 only 1 percent of VC funding went to blacks, 0.2 percent to blacks. “
According to Eldridge, she founded the ATO Gallery to give all artists the opportunity to gain access to a wider range of collectors, museums and sponsors. However, over time, she has learned that in order to grow the company, she must overcome a similar problem that many black Americans continue to face.
The community remains positive despite challenges
Challenges aside, many black Americans who work in the blockchain and cryptocurrency sectors remain hopeful when it comes to inclusion.
For example, Sherrard Harrington, co-founder and president of EonXI – a venture fund and startup studio – told Cointelegraph that the space is generally open to inclusion as the main goal is democratization, which is a central pillar of diversity and inclusion. “This opens up a path for industry leaders in the blockchain to solve unique problems that affect people in all walks of life – not just the majority,” he noted.
Wilson further noted that the Bitcoin space is diverse because the cryptocurrency is helping people all over the world. On the subject of inclusion, Wilson stated that shouldn’t matter. “Bitcoin doesn’t care about races. Because of this, our focus is on making sure those who have been excluded are included now, ”he said.
