Crypto Gives Women of India Opportunities During the Pandemic and Economy Stagnation

Before the pandemic, many women in India were never paid while they cared for their families, and those who had jobs earned only 20% of what men did. Then when Covid devastated the economy, they were first to lose their jobs. In the first lockdown, 47% of women were out of work compared to 7% of men, and self-employed women were doing even worse.

Where can India's women turn for economic opportunity? One resource is a cryptocurrency and decentralized finance platform that welcomes new users to the new financial ecosystem while providing a hub of financial products and services.

The biggest hurdle for women to overcome is the economic barriers that traditional finance has erected.

Alex Lemberg, CEO of the Nimbus Platform, recognizes the financial world does not simply transfer assets to those with a good idea for a business venture, as it should. Finance is still dominated by men, who might perceive women as risky borrowers or incapable of making the right financial decisions.

Working women are not exempt, no matter how capable and successful, because 64% of all people in India think women should be mothers and wives. "It's difficult for them to obtain a loan, and their own deposited assets might not be as fruitful compared to men's, since the last decision is still made by a banker sitting in front of a woman in a bank," says Lemberg. "DeFi is different. It offers women more than banks while providing them something like a direct banking experience without a bank itself."

Fundamentally, crypto and its blockchain technology provide a level playing field for all users because the decentralized format is anonymous, transparent, and inclusive. Lemberg explains, "Since it's based on blockchain technology, crypto and DeFi do not perceive users based on gender or any other characteristic. Blockchain perceives everyone as just a string of digits and letters, and transactions are based solely on technical requirements that need to be met." To obtain a loan in DeFi, everyone puts up the same amount of collateral to ensure that a loan will be repaid. Staking provides the same annual yield to every person locking up their tokens.

Lemberg promotes this benefit for women: "I see DeFi as a chance for them to be more financially independent. DeFi is not only secure and trustworthy - it's unidentifiable. In my opinion, DeFi gives women more opportunities to control their financial state independent of men - in their family, community, or financial institution."

In particular, DeFi offers a safe hub for women of India who face gender discrimination in their local, traditional financial institutions. "Women are not identified as an exception here. DeFi already provides many different financial products based on cryptocurrencies and blockchain technology, opening the whole world for anyone who feels economically repressed. By holding private keys, women possess independent control and security of their assets." He contrasts this to traditional financial institutions, where people must yield control and trust a bank or other financial intermediary instead of the technology behind it.

Another barrier for some women may be understanding the technology or entering another industry that is dominated by men. However, Lemberg does not believe that women avoid DeFi because it is not easy for them to grasp the intricacies of blockchain. Given the same opportunity to investigate the technology, women are just as capable. "Women just need to do the same as men, no more. They need to study the DeFi industry and try out Nimbus Platform themselves, that's it." Although men are twice as likely as women to hold crypto, Lemberg says that the problem may be the lack of motivation to participate in something not directed toward women. Once they are motivated, participation won't be a factor. "We need to drive education and awareness that financial knowledge ultimately brings success. Women are purpose-driven, which drives the value that they bring to any initiative. The bottom line is that women in all communities can use DeFi to create their financial safety net. I believe that this is also our mission to make women free to manage their own assets."

How would Lemberg try to involve more women in crypto and DeFi? He stresses that instead of consulting men working in crypto or any other industry, women should be consulted about what would motivate them to participate in the blockchain industry. "Rather than simply circulating the message that Blockchain and Crypto will be somehow more accessible for them, we are responsible for creating awareness about DeFi financial benefits and ease of participation."

At another level, women can also build their careers in the cryptocurrency and DeFi industries. Although they are now male-dominated, Lemberg says the current leadership of all companies can and should take a more proactive role in identifying women within their organizations who demonstrate initiative and purpose-driven effort. "Actively encouraging women and proactively cultivating their skills to drive diversity and efficiency are extremely important. Those companies that do not will simply lose market share to those who do."