Women Pioneers in Crypto: Eleni Steinman, Loop Crypto

Since Satoshi released the bitcoin whitepaper in 2009, the evolution of the crypto industry has displayed an adoption curve similar to that of the internet. Today, millions of people around the world rely on Web3 for a variety of uses – yet there is a valuable component notably underrepresented in its story: women.

According to recent data, only 5% of crypto builders (founders) are women, less than 20% of crypto owners are women, only 29% of NFT artists are women, and only 9% of women that have heard of crypto feel they know enough about the asset class.

In honor of Women’s History Month, we wanted to spotlight several women pioneers in crypto to hear their stories and get advice for women looking to break into crypto.

This week, we are profiling Eleni Steinman, CEO of Loop Crypto, a CoinList Seed company. Loop aims to be the most effective way to accept crypto payments, making it simple to automate recurring transactions in Web3.

1. The crypto world seems to mirror the tech and finance worlds in terms of gender; there are women, but the space is heavily male-dominated. What are your thoughts on the dearth of women representation in the crypto space?

First, I think we should explain why representation matters and is important for any industry. I think that ultimately it comes down to having diverse participants in order to create diversity of thought, and when you have diverse thoughts, opinions, and debates, you are able to have competition of ideas and ultimately, the best ideas surface.

Then, when I ask myself “why is crypto not very diverse” I think the core of the issue comes down to networks. People tend to hire, share new ideas with, and ultimately bring into the fold from their networks. But unfortunately, most people’s networks look like them. It’s easier and more comfortable to make friends with and build relationships with those that are similar to them. The result of this trend has been a space that looks like its earliest adopters.

Just as diversity can lead an industry to challenge itself and to grow, so too can having a network that is diverse. Thus, I would challenge individuals to seek out building relationships with others that do not look like them. I believe this can ultimately help attract diverse participation in crypto because diverse participants will hear about, learn, and find opportunities in the space.

2. Were there any unique challenges you had when breaking into the crypto space? How did you do it?

Building on the last answer, not having a network that was already in the space meant I needed to build one. I didn’t live in the Bay Area, I wasn’t coming from tech, and I didn’t look like early adopters. I had to hustle to reach out to those in crypto and build my network. But to crypto’s credit, it is an incredibly open and receptive industry. I was able to break in because others were willing to teach me, and take a chance on someone that didn’t have a traditional background. And I think this is unique to crypto. Anyone in the world from any background can get involved. It’s quite incredible.  

3. What, in your opinion, can crypto companies do to be more accessible to and inclusive of women?

I think there is a perception that startups don’t have good health benefits and thus it might turn away women (and men) who are looking to start a family or already have one rather than pursue their career aspirations. I’ll focus on women here as women still need to go through the physical burden of carrying a child and even after birth tend to be the primary caregiver. Things are getting better, but it's not parity. Loop for one has paid parental leave and a very generous health insurance policy. By doing this, we are trying to remove the false choice of wanting to have a family vs. taking a bet on a startup.

In terms of inclusivity, I think the theme of “networks'' matters here too. Internally to get promoted or opportunities you often need to have built relationships within your company. Again, individuals should especially seek to build those relationships with people that seem completely different from them as I believe you’ll soon see there are more similarities between us than differences. People stay at companies for other people and when they feel a common sense of purpose. Companies can be inclusive by literally including women in this. It’s really that simple.  

4. What is some actionable advice you can give to young women looking to get a job in crypto?

Don’t be afraid to reach out! As I mentioned, I pinged 10-20 people as I was trying to break into the space and I can’t think of one person who didn’t respond and didn’t genuinely want to be helpful. DM someone on Twitter, LinkedIn, Discord and I’m confident they will respond.

5. What other women leaders in crypto do you look up to?  

Colleen Sullivan from Brevand Howard is an OG. I got the opportunity to meet her once and she was incredibly kind and helpful. Meltem and Jill have done an amazing job of making a name for themselves as being thought leaders in the space without compromising their voices. Lauren Stephanie and Katherine Wu are incredible investors who have built  reputations as women that really understand the industry.  

One of the best parts about Loop’s model is that we’re creating an infrastructure supporting other web3 startups, which gives me the chance to meet and work with other founders and builders. I’ve had the chance to meet talented women founders like Melissa Zhang at Bonfire, Megan Knot at Franklin, Moyi Dang at Coinfeeds, Mikaela Rayes at Parallax, and several others. These women are extremely talented, and they’re names I think you’ll hear more of in crypto’s future.

Legal notice

This blog post is being distributed by Amalgamated Token Services Inc., dba “CoinList,” or one of its subsidiaries. This blog post and use of the CoinList website is subject to certain disclosures, restrictions and risks, available here.