Paxful Celebrates Black History Month
Tags: Fintech, Startup, Bitcoin, Black History Month, Paxful

We believe that the best ideas come from diverse perspectives. Paxful’s products have brought about real and sustainable change in so many lives and it’s all thanks to the hardworking people that make it all possible. Our team, much like our users, comes from all corners of the world and it’s because of those varying perspectives that our services are able to properly tend to the needs of every person that seeks financial freedom. At Paxful, we take joy in celebrating diversity.

In many countries, February marks the celebration of Black History Month. Paxful is proud to celebrate and honor the incredible stories that inspire us. We sat down with Shanique Adams, our AML Compliance Manager to hear about her journey and experience in this crazy industry.

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Well hello there Ms. Adams.

Hello!

Thank you for taking the time to sit and talk with me. Word on the street is your team is busy as you-know-what right now.

For once, the word on the street is right.

Why don’t you tell us a little about yourself and what you do here at Paxful.

I am the oldest of two daughters, born and raised in Brooklyn, NY. I got my undergraduate degree in Criminal Justice from Northeastern University. I received my Juris Doctorate from Seton Hall University. In addition to that, I am a Certified Anti-money Laundering Specialist (CAMS).

Shanique Adams, Paxful’s AML Compliance Manager

How did you get into this field?

Back in 2015, I was working in the legal and compliance department of a bank. I took a continuing legal education seminar on Bitcoin and blockchain at the City Bar Association. That’s when I knew this field was going to be big. From that point on, I consumed everything I could related to Bitcoin, blockchain, and cryptocurrency. I read articles, listened to podcasts, went to events, started following people on CryptoTwitter, and watched YouTube videos. After I left the bank in 2016, I worked in advisory consulting. My company had a blockchain working group for people who wanted to help grow the offerings in the industry. When you work at a consulting firm, you’re an outsider relative to your clients. There’s only so much you can do. Most client engagements are only a few months long. I knew I wanted to do work around Bitcoin and blockchain but there was no way that a few months here or there for a company that did not employ me was going to be enough. That’s when I started seeking other opportunities. I started looking on LinkedIn. It took a while but eventually I came across a posting that said Paxful was looking for an AML Compliance Manager and the rest is history.

Smart is the new sexy, right?

New and classic!

Fintech is a pretty male-dominated industry. I think that’s slowly changing but as a vet, have you encountered a lot of women — more specifically women of color — doing what you do?

I have encountered some women of color but not many Black women. Every Black woman in this field is pretty much a unicorn.

Are there any personal stories of struggle you’ve encountered being a Black woman in the financial services industry that you can share with us?

Like every other Black woman in a professional field, I’ve definitely experienced the usual microaggressions and double consciousness. I’ve been called the wrong name at nearly every job I’ve ever had. I’ve had people assume that I’m a receptionist or an assistant. At one company, I was treated like a persona non grata until they needed to prove that the company was not racially homogenous in marketing materials. That’s when I’d be plucked out of obscurity for a photoshoot or video only to return to obscurity as soon as the shoot was over.

Sounds like you’ve been in the thick of it multiple times.

Yes, I have but thankfully things seem to be taking a turn for the better. Not as fast as I would like but things are definitely moving in a better direction.

Black History Month and lots of other celebrations of diversity are often overlooked or disregarded in our line of work. Luckily that’s not the case here at Paxful. Why is it important to you that we acknowledge diversity in the workplace? What can people learn from it?

Diversity makes things better! At Paxful, there are people from so many different racial, ethnic, and professional backgrounds. The diversity means that we always get unique perspectives. In this industry, fresh points of view and creativity are what moves us forward. We need to acknowledge diversity because it matters. People need to feel that they can and should bring their full selves to work.

I know you keep up with a number of different Black crypto influencers, which means there’s definitely growing interest from the Black community but you and I both know that there’s a whole generation of untapped potential as far as adoption is concerned. How do you think Black youth in America feel about bitcoin? What’s keeping them from making the jump?

It’s a lack of education. Most people of every race get all or most of their financial foundation from their families. Black people in America were literally kept out of many investments and other financial opportunities that lead to wealth creation. The time when banks were legally allowed to discriminate against Black people was not long ago at all. Many young Black people are only a couple generations away from that disgraceful time in American history. The Black community as well as other communities of color were also hit harder by the Great Recession in 2008. One result that still persists is distrust of the financial system. That distrust leads to Black people being very conservative financially. When people hear phrases such as “Bitcoin is money” there ends up being some undeserved skepticism because for most of modern life, money, banks, and the government were inextricably tied. You and I know that Bitcoin was developed to cut those times. Those of us in the industry should do everything we can to educate our friends and relatives about Bitcoin in order to help bridge the gap.

Empowerment and hope.

Exactly.

What should we be doing more of to increase education and awareness on cryptocurrencies within Black communities across the country?

We need to be where the people are. Black people are still very communal and social. Paxful should find a way partner with HBCUs (Historically Black Colleges & Universities), Black professional associations, and community groups. We also need to get involved with Black influencers on social media. There are Black people who are thought-leaders and making great content around Bitcoin and blockchain. Paxful should find ways to work with those people too.

2020, let’s get it.

That’s right! It’s 2020, time for clear vision.

What advice would you give to a younger Shanique Adams or other young Black entrepreneurs who are interested in getting into bitcoin?

Do it now! Start small if you need to. Start slowly if you must. Get educated. Make connections, attend events. This industry moves at light speed. Not getting involved sooner is the only regret I have.

Any parting words?

Bitcoin is the future but the future is also now.

Thanks so much, Ms. Adams. Always imparting wisdom and always keeping it a buck.

Anytime!