Are you crypto-curious, but not sure where to start? Find out how the co-founders of SatoshiWomen are helping women navigate the world of cryptocurrency and virtual assets.
Whether you’re a tech geek or an art aficionado, it’s not hard to see that cryptocurrency and the blockchain technology have been taking over the world. But, the fintech and digital spheres can be disorienting, especially for those of us without experience in related industries, yet are crypto-curious or considering investment for the first time.
Luckily, there are organisations out there that are working on improving crypto-literacy and accessibility. One of them is SatoshiWomen, a community co-founded by Lyndaine Demetilla and Vivien Khoo in 2021. The duo focuses on empowering women to learn about cryptocurrency and to become confident in capitalising on digital assets. Read on to know more about SatoshiWomen and find the answers to some of your burning questions on cryptocurrency.
Explore the world of cryptocurrency with Lyndaine Demetilla and Vivien Khoo of SatoshiWomen
Hello, Lyndaine and Vivien! As some of us aren’t familiar with cryptocurrency and digital assets, could you please tell us how the rise of these technologies have been changing the way we, as consumers, manage our money?
Many of you may have heard of crypto millionaires, who successfully make money through cryptocurrencies and NFTs (non-fungible tokens); some others in the crypto community call themselves ‘degens’ (short for ‘degenerates’), who pride themselves for being able to trade without much research, merely buying into signals due to FOMO. So, it’s clear to see that managing digital assets can indeed create additional opportunities to ‘get rich’, but it’s also a highly speculative investment, given its extreme volatility and lack of liquidity [i.e. the ability to be converted into ready cash without affecting its market price].
A recent example that demonstrates just how volatile and unpredictable the crypto market is would be the Squid Token, which rides on the back of the popularity of Netflix’s Squid Game. When Squid was first released into the market, it was trading at just one cent. Then, in less than a week, its price skyrocketed to being over USD 2,856; yet, 72 hours later, it plummeted back to zero.
That said, digital assets are efficient, accessible, and can allow consumers to cut out the middleman. This is why we believe that cryptocurrency, NFT, and other digital assets should be considered when you try to build a balanced portfolio, alongside other more traditional investments.
How is investing in cryptocurrencies the same, or different, from other investments?
Against the shifting macroeconomic backdrop over the past decade, the traditional market has been facing increased diversification in cash, stock, and bond investments. This diversification has contributed to the rise of digital assets, especially as institutional investors gain interest in the wider range of potential investment opportunities in the virtual world. However, cryptocurrency, as an alternative asset class, is a type of speculative investment. And like all speculative asset classes, the risks are multifold and the long-run investment implications are yet to be determined. The development of its regulatory framework, security, liquidity, and availability of products is still ongoing. Therefore, those who want to consider investing in crypto must be properly educated about safekeeping virtual assets – and that’s why we’re here!
How does one start investing in cryptocurrency as a young professional? Do we need to have a lot of money or physical assets to start with?
First things first, let us put up a disclaimer here that we don’t provide specific financial tips. 😉 But, there is still some general (and important) advice we’d like to give. Firstly, cryptocurrency is still a very new sector with emerging technology and regulations. Therefore, as with any investment (and even more so with crypto), it’s essential to understand your own risk tolerance and why you’re making certain investment decisions before actually acting on them. Our friendly recommendation is that you should treat crypto as a high risk asset and only invest proportionately to what you’re prepared to lose.
One other thing we’d advise you to do is to always DYOR – Do Your Own Research! If you don’t know where to start, SatoshiWomen regularly conducts webinars on the fundamentals of crypto and digital assets. You’re more than welcome to join us!
On the topic of SatoshiWomen, how did this platform come into being?
Both of us come from the finance and fintech industries. Vivien had been with a tier-one bank for nearly two decades before becoming the COO & Interim CEO for one of the largest crypto derivative exchanges; whereas Lyndaine has spent years in wealthtech before joining a digital securities exchange company around two years ago. As industry professionals experienced in the crypto exchange industry, we’ve witnessed the lack of gender diversity in our sector for far too long. This is the reason why we’re determined to support women in getting the same access as men to knowledge, opportunity, and resources through education. We envision a world where all women can fully participate, on an equal basis, in the cryptocurrency sector – and the new world it is in the process of creating – as both professionals and consumers.
As for our name, SatoshiWomen: Satoshi Nakamoto is the pseudonymous creator of Bitcoin. No one knows the true identity of Nakamoto, or if it’s more than one person. So, we decided that Satoshi Nakamoto might as well be a group of awesome and talented women – and that’s how SatoshiWomen came to be.
What are some observations you’ve made during your journey in the fintech sector that made you feel the imbalance of power between men and women in the industry?
Fintech is similar to the earlier days of investment banking in terms of gender inequality: there are women, but the space is heavily dominated by men, especially at senior levels. We believe it needs greater female participation and a path for women to progress in their career. The ‘crypto bro’ culture will, no doubt, continue to exist, but this is why female communities such as ourselves and the Digital Female Leadership Network are crucial in closing the gender gap.
Please share with us the upcoming projects of SatoshiWomen in 2022.
Having rolled out NFT 101 and Crypto 101 so far, we’re in discussion with education technology platforms to explore the possibility of creating more structured courses and certification to better equip our audience. Our mission for 2022 is to continue increasing our reach and impact through different initiatives, such as launching our SW Ambassador Programme, with country leads who can wave the flag for us in countries around the globe. In addition, we’ll carry on with our series of 101 training sessions, which will cover a range of exciting topics, including the Metaverse, Stablecoins, and more. You can also look forward to our webinars and events on NFT in connection with fashion, gaming, and other sectors.