ACR #15: Everything Everywhere...

Mar 13, 2023

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😮‍💨 It’s been a breathtaking news cycle! Where do we start?

We were preparing to celebrate women in web3 for international women’s day only to be hit by a tornado of spiralling events from silicon valley land to the crypto space.

Don’t worry, this newsletter won’t be rehashing everything that has happened with Silvergate, Silicon Valley Bank, Signature Bank and the other Shibboleths and their effect on the crypto space. Other people have done a better job covering those. Check the recommended reading at the end of this newsletter to go down that rabbit hole if you want.

What’s Going On?

So, a few days ago we reached out to one of the leaders in the web3 space in Africa to share her thoughts on this emerging ecosystem and how blockchain can help to provide equity for women.

Linda Obi leads the charge on women's inclusion in the African crypto space by chairing Women in Crypto Africa. Also, she’s currently the Global Head of Operations at Zenith Chain and founder/CEO of Techonomy Africa, a learn-to-earn platform.

*We’ve made some edits to the interview for clarity.

Q: What do you do and why do you love what you do?

Linda: I’ve been in technology startups and technology-enabled businesses for nearly two decades and I consider that I still work in finance because to me blockchain, decentralized finance, and web3 are an evolution of financial markets.

I came to the realization, probably slowly over the last 10 years but very rapidly over the last five years that the evolution of financial markets was going to come from this new technology.

Blockchain will always be an equalizer, which is why I continue to passionately advocate its potential to enable diverse business environments in emerging markets

Q: What do you love most about working in Web3?

Linda: What's not to love really?! I love the constantly moving parts. Web3 is decentralized, which means there's no central authority that can manipulate your assets the way they want to.

If using a cold wallet, you are the only one who controls how to manage assets, and where to send them. One of the main pros of web3 is that, unlike web2, it doesn’t rely on centralized servers and networks to function. This means that web3 is less vulnerable to attacks, making your data more secure, and any data you interact with more trustworthy – because it can’t be altered or changed as easily. It also means information is less vulnerable to censorship – because it is not controlled by any one person or entity.

Q: What’s it like to be a major stakeholder in an industry mostly dominated by men?

Linda: Women are helping other women claim their space in web3, at least I am committed to that and I know a few communities that are focused solely on women and web3.

The new internet phenomenon has redesigned the world wide web into a democratic space, giving back control and ownership of data to the people from its decentralized properties and balancing the gender disparity. For me, the big learning was to start to feel at ease when you’re the only woman in the room. That’s happened quite a lot in my career, and learning to be authentic and true to myself was a game-changer for me.

Building my confidence and believing that my perspective adds value has been working well for me. I always lean on my mentors and support circle whenever I start doubting myself and my capabilities. They are the go-to people for me.

Q: How do you think web3 can help provide more women with equity?

Linda: Women are increasingly staking their claim in this new tech scene and are working to bridge knowledge and close the gender gap together. Some web3 communities work to break the bias by providing educational courses from female mentors. An equal and diverse representation of men and women in the crypto industry is crucial to achieving its full potential.

The financial inclusion of women is key to enhancing economic stability for disadvantaged communities by helping these communities increase household income, improve food security, or manage their assets.

Q: What factors could make a difference in bringing more women to the web3 space?

Linda: Very easy!

Create safe spaces for women to come in and thrive.
Spotlight more women in tech to encourage other women to join.
Authoritatively address the pay disparity that currently exists in tech.
Make conscious efforts to close the participation gap.

Q: How would you describe the growth of the African crypto ecosystem - what’s been good and what could be better?

Linda: Exponential growth so far, but is very far from reaching scale. This means adoption is assured but we (as stakeholders ) must consciously lay the building block by which we can leverage scale.

Cross-border payments continue to be a burning issue made worse by the current cashless policies being enforced on the back of a poorly rolled-out CBDC framework in Nigeria.

Crypto is not a fad, it's not going to pass anytime soon, it continues to save lives where hope looks bleak. With a use case as valuable as that - growth is the only way forward. To this, I say, regulate the space - crypto should not be contraband.

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Other News from Africa

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Namibia Among Top African Countries Where Giveaway Crypto Scammers generated the highest revenues in 2022 - Chainalysis report

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How blockchain empowers women in developing economies

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