At Coinbase, we believe diverse opinions, backgrounds, and experiences are essential in creating an open financial system that’s equitable and accessible to all.
In our survey, 48% of Black Americans indicated they have been negatively impacted by the current financial system (banking, currencies, stock markets, lending/borrowing, etc.) because of their race or gender. Only 24% of White Americans responded the same.
When broken down by age, 48% of 18-34 year olds and 52% of 55+ year olds have been negatively impacted, indicating that bias in the financial system hasn’t changed much over time.
Previous studies — and historical facts — back up these findings. According to a 2014 report from Zillow, Black Americans make up only 3 percent of conventional mortgage applications, the lowest rate of any racial group. But Black Americans also face the highest denial rate, about 25 percent versus only 10 percent for White American applicants.1
How can crypto correct the inequity of our financial system? “Crypto incentivizes people to operate together who normally wouldn’t, says Steven McKie, Founder and CEO of Amentum, a cryptocurrency investment firm. “Cultural groups, whether they’re religious or ethnic, have positive benefits to the participants of those groups. The core reason there’s a benefit is because it’s easy to create social trust with things that are familiar. Now the cool thing about crypto is it’s trustless technology. The system is neutral. Crypto moves us away from an environment where we need to assume trust in a group before we can do business. With crypto, there’s redundant systems that prevent someone from screwing you over. If you’re a minority or part of an underrepresented group, and you’re used to only trusting one type of ethnic group or social group, now you can expand your window.”
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