Cryptocurrency exchange Bitget is allocating $10 million to invest in women-led startups in the Web3 and blockchain industry.

In a January 16 announcement, the exchange said it will launch incubation programs specifically tailored for female entrepreneurs as part of the initiative and host pitch competitions for female-founded startups. In addition, Blockchain4Her will host a Women in Blockchain Summit & Awards to recognize the outstanding achievements of women in the blockchain space.

“Bitget will also invite industry leaders to join as ambassadors for the Blockchain4Her program, supporting gender diversity in blockchain. Ambassadors will advocate, engage, and drive positive changes, fostering an inclusive environment.”

In a similar move, the exchange announced a $10 million initiative for young talent on May 4, 2023. Dubbed “Blockchain4Youth,” the initiative will provide courses through Bitget Academy and host university lectures on the topic of Web3. The platform will also incubate innovative projects by young entrepreneurs and host under 30 hackathons to identify the most promising leaders. 

On Jan. 11, the exchange published a report on the state of Web3 venture capital (VC) funding by gender. Researchers found that less than 7% of VC funding in the industry went to female-led startups, defined as series-stage companies where at least 50% of their executives were women.

“8.2% of funding for female-led blockchain startups as of Q3 2023 is 2.5 times lower than the overall figure for startups in various fields (20.3%). This indicates the need for comprehensive measures to increase the inclusiveness and accessibility of the blockchain sphere for women,” researchers concluded.

Related: Meet 7 women shaping the future of crypto and Web3