Welcome to today's interview where we will be discussing the importance of building a diverse and inclusive team in the crypto industry. Our guest for today is Gracy Chen, an experienced leader in the crypto space with a strong commitment to diversity and inclusion. Gracy is the Managing Director at a blockchain-based company, where she has been working to build a diverse and inclusive team.
The Future of Cryptocurrency: Gracy Chen's Perspective
Ishan Pandey: Hi Gracy, can you tell us about your journey into the world of cryptocurrency and blockchain technology? What inspired you to pursue a career in this field?
Gracy Chen: I am happy to be part of a company, which is at the forefront of such innovations as blockchain and cryptocurrencies. Every day I feel great inspiration working with crypto market industry leaders, many of whom are talented women. Since childhood, I have been reading stories about women who made immense progress in complex areas that were always considered male-dominated. After becoming the first woman to fly in space, Valentina Tereshkova said that no one else would call women the weaker gender ever again. Bertha Benz prompted her husband to put a gearbox on the car after the first 200 km of her trip back in 1888. Ada Lovelace wrote the first algorithmic program, which serves as the basis for today’s programming languages, the list goes on... Working at Bitget makes me feel like a pioneer and fulfills my childhood dream of being like those women who contribute to the future.
Ishan Pandey: As a female leader in the cryptocurrency industry, have you faced any unique challenges or barriers? How have you navigated them?
Gracy Chen: Although we have reached such progress in increasing gender diversity, women still face numerous challenges in their careers. There are exhaustive statistics on this matter. But the situation is changing and we cannot complain or ask for indulgence or special conditions. I am grateful to my colleagues and partners, and I think that the blockchain industry is one of those sectors where gender, ethnic and age diversity have reached their highest levels. And it’s easier to do this in blockchain than in other areas, such as sports, where, for example, a female referee comes out to judge the football matches of male teams. Here, indeed, guys can forget that you are a girl and talk to you like you are a guy. I think it's great, although sometimes there are awkward situations.
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Ishan Pandey: How do you approach building diverse and inclusive teams at Bitget? What steps do you take to ensure that all voices are heard?
Gracy Chen: Today we can proudly call Bitget a female-friendly crypto firm with about 40% of the managers being female. And this number is still rising. At Bitget, we respect our employees and understand that everyone gathered here to share their passion for new technology — we value a straightforward way to communicate and a results-driven proactive mindset. Age, gender and nationality have never been criteria for us when hiring. We have an atmosphere of democracy without a strict hierarchy, where any employee can contact managers directly on any issue and get help and support. All this makes it very easy for our HR team to address issues of diversity and inclusion because our business is international and diverse.
Ishan Pandey: In your opinion, what are some of the most exciting developments in the cryptocurrency space currently? How do you see the industry evolving in the next few years?
Gracy Chen: Cross-chains and oracles are of particular interest to me because they ensure the explosive spread of blockchain technologies and the further evolution of the market. It is also impossible not to notice the spread of DeFi and NFTs. DeFi is revolutionizing traditional financial services by allowing users to access them in a decentralized and more inclusive manner. NFTs are creating new possibilities for ownership and value exchange, particularly in areas like art, gaming, and virtual real estate.
Looking ahead, I see the cryptocurrency industry continuing to mature and become more mainstream. We will likely see increased adoption of cryptocurrencies as payment methods and more traditional financial institutions getting involved in the space. Additionally, the development of new use cases and technologies, such as blockchain interoperability and layer 2 scaling solutions, will further drive innovation and growth in the industry.
Ishan Pandey: How do you balance innovation and risk management when developing new products and services at Bitget? What are some of the key factors you consider when making these decisions?
Gracy Chen: At Bitget, we prioritize innovation and risk management equally when developing new products and services. Our vision is to inspire individuals to embrace crypto with simple yet powerful tools. That is why we never stop exploring innovative solutions that provide value to our users while also maintaining a high level of security and compliance.
When making decisions about new products and services, we consider various factors, including user demand, market trends, regulatory requirements, and potential risks. We conduct thorough risk assessments and implement robust risk management protocols to minimize potential risks associated with new products and services.
Take copy trading feature as an example. Bitget pioneered this service for crypto exchange traders back in May 2020. We started to develop this innovative function as there was a demand for this kind of tool in the market and many crypto beginners tended to learn from experienced traders regarding how to make successful trades. But numerous challenges were also in place as nobody brought copy trading in crypto before. We came across many questions before finally presenting the product to the masses. How can we help beginners find elite traders that match their risk and return expectations? What if a strategy will be followed by too many members and the market depth won’t be able to support such huge buying or selling pressure? Is there a way to help beginners better manage their risk after following an elite trader?
To balance innovation and risk management, we took a lean startup methodology, making progress step by step, and carefully testing customers’ reactions. Gradually, we added more metrics to help beginners understand the historical performance of elite traders, and added limits for the number of followers and the maximal investment amount for copy trading. All these minor updates are meant to provide our users with the best possible experience while ensuring the safety of their assets. As of now, Bitget is already the largest copy trading platform in crypto with over 80,000 elite traders to share their strategies and more than 380,000 followers to copy.
Ishan Pandey: What advice would you give to young women who are interested in pursuing a career in the cryptocurrency or blockchain industry?
Gracy Chen: Professionalism, responsibility and hard work are especially valued in the blockchain and crypto market. Also, do not focus on problems, but look for opportunities. The blockchain industry is progressive and it is extremely rare to find ethnic or gender prejudice here. Therefore, study, work, and do not be afraid to take responsibility, and it will pay off with success and recognition.
Ishan Pandey: Can you speak to the importance of mentorship and networking in your career? Have you had any mentors who have been particularly influential in your journey?
Gracy Chen: Networking is useful when you discuss tasks and share experiences with professionals of various kinds — with interface designers, programmers, user experience specialists, financial experts and lawyers. If we all get together and discuss, for example, the experience of buying and selling bitcoin and paying the corresponding taxes, we can find out a lot of useful information that makes up a complete picture and will bring benefits to our users.
During the first steps of a career, onboarding plays a big role — a kind of soft mentoring, when you are brought up to date and introduced to the cooperative culture. Your further development depends on your desire — you can take any person you would like to see as a mentor and carefully watch their activity and progress — interpret the information received and draw valuable conclusions. There are so many inspirators among women like Jacqueline Kennedy, Michelle Obama, and Angela Merkel. They are my mentors. And although these great women are unlikely to know about it, they were and remain the people I take as examples.
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