Web3's mobile operators may be able to take the lead in ushering in the next generation of communication.
Article author: Shigeru & Satou
Source: CGV Research
Mobile communication has become an indispensable infrastructure in modern life, yet traditional operator models face growth bottlenecks and stagnation in innovation. With the development of Web3 technology, decentralized SIM (DeSIM) has emerged as a new type of mobile virtual network operation model. This article will deeply analyze the current development status and future prospects of DeSIM from the following aspects:
· Discuss the market structure and pain points of the traditional mobile communication industry, analyzing the development opportunities for DeSIM.
· Analyze the evolution of SIM card technology, interpreting the technical principles and implementation methods of DeSIM.
· Analyze the market positioning and growth path of DeSIM through user portraits and business model analysis.
· Comparative analysis of project cases such as Helium Mobile, Depinsim, XPIN, summarizing industry development experience
· In-depth exploration of the challenges faced by DeSIM in terms of decentralization and token economics.
· Outlook on the integration prospects of DeSIM with emerging fields such as connected vehicles, Starlink communication, and the metaverse.
Origin: Perfect communication infrastructure and fierce market competition
Communication is an eternal human need. With the evolution of technology, the ways of communication have gradually increased. From images to language to text, information continues to condense; from printing to telephone to the internet, information continues to expand. In 1969, ARPANET laid the foundation for the internet, and the emergence of the World Wide Web, Netscape, and Amazon in the 1990s brought about a truly public internet. Around 2010, the iPhone triggered the smartphone revolution, and the widespread adoption of 3G/4G led to the rise of mobile internet.
Today, mobile internet has become an indispensable part of ordinary people's lives. By the end of 2023, 5.6 billion people globally subscribed to mobile services, accounting for 69% of the world's population, compared to just 1.6 billion eight years ago, with an annual average growth rate of 31.25%. Specifically, the mobile user penetration rate in the Greater China region is 88%, 89% in North America, and as high as 91% in Europe. Such high penetration rates indicate the improvement and popularity of communication infrastructure, while also suggesting a lack of growth space. According to GSMA, the annual average growth rate of global mobile users is projected to be about 1.7% from 2023 to 2030, significantly slowing down.
Due to antitrust considerations, each country and region usually has multiple mobile operators providing services, typically maintained at 3-4, resulting in a relatively balanced market structure. For example, the major operators in North America are AT&T, Verizon, and T-Mobile, in Europe they are Deutsche Telekom, Vodafone, and Telefonica, while in China, the main players are China Mobile, China Unicom, and China Telecom, which are in a tripartite competition. Although mobile operators in each country and region are relatively independent, internal market competition remains very fierce.
As an important infrastructure and livelihood project, telecom operators have high industry entry barriers, heavy asset investments, significant economies of scale, and scope economies. The importance of economies of scale lies in the fact that for a given physical infrastructure, the marginal cost brought by additional service users is very low, while the revenue is very high, so operators' core competitiveness usually manifests in user scale. However, due to livelihood considerations, countries typically do not allow mobile operators to engage in price wars. At the same time, to prevent a few operators from forming a de facto monopoly, stagnating innovation, mobile virtual network operators (MVNOs) have emerged.
MVNOs do not build network infrastructures but directly use existing network resources to cooperate with traditional operators, gaining more users through differentiated services and price competition, providing flexible services through a light-asset operation model, while also offering traditional operators additional income at low marginal costs to improve network utilization.
DeSIM is an application form of MVNO, using the global payment system of Web3, differentiated services, and tokenized diverse gameplay to serve cryptocurrency practitioners while attracting traditional users to engage with the Web3 industry.
Revolution: The evolution of SIM technology and the potential of DeSIM.
When we conduct mobile network communication through mobile devices, the complete link experiences collaboration among a large number of network devices.
1. Inside mobile devices, applications generate data, and the TCP/IP protocol stack in the application processor (AP) processes it and passes it to the baseband processor (BP) through the driver interface.
2. BP interacts with SIM, reads identity information, performs identity verification, generates session keys, and establishes encrypted channels.
3. The RF module (RF) converts signals from analog to digital and transmits them to the base station via antennas.
4. The base station receives signals and processes them, managing resources and mobility, and sends them to the Mobile Switching Center (MSC).
5. MSC performs routing selection and roaming management, submitting data packets to the core network.
6. Core networks communicate via optical fibers, passing through gateways, location registers, and other components, transferring to the internet.
Among them, apart from SIM, users have almost no room for independent choice. SIM plays a role in identity verification and security assurance in mobile communication. The centralization monopoly of SIM can lead to centralized risks for identity privacy and information security, which is why we need DeSIM.
In the era of only physical SIM cards, the implementation of DeSIM faced many obstacles, as operators relied on physical SIM cards to sign long-term contracts with users, thereby binding them. The emergence of technologies such as eSIM, vSIM, and iSIM provided an opportunity for the development of DeSIM.
SIM card technology has undergone multiple generations of evolution, developing from traditional physical SIM cards into different technological solutions such as eSIM, vSIM, iSIM, and Soft SIM, each with its own characteristics.
eSIM, as the most mature new generation SIM technology, uses physical chips embedded in devices, equipped with dedicated secure units, supporting remote configuration management, fully compliant with GSMA standards. Its architecture includes hardware security area storage, profile management systems, OTA update mechanisms, and supports the coexistence of multiple profiles. In terms of security, eSIM implements hardware-level encryption, secure boot, integrity verification, tamper-proof protection, and key isolation mechanisms. Currently, eSIM has received widespread support from mainstream terminal manufacturers and operators, primarily applied in high-end smartphones, smartwatches, tablets, and other devices.
vSIM adopts a completely different technical route, achieving SIM functionality through software virtualization, relying on the cloud for configuration management and parameter downloads, supporting dynamic identity simulation. Its features include using cloud-based profile storage and real-time configuration delivery, building a secure environment on the software level, and supporting flexible identity switching. The security mechanism includes software encryption, TEE protection, dynamic keys, and communication encryption. The standardization of vSIM on mobile devices still needs improvement and is currently mainly applied in IoT devices, shared devices, and other scenarios.
iSIM represents a higher degree of hardware integration, directly embedding SIM functionality into the SOC, sharing hardware security units with processors, and using dedicated secure areas to store data. This solution has advantages such as ultra-small size, extremely low power consumption, and hardware-level security protection, especially suitable for ultra-small IoT devices, wearable devices, and similar scenarios. Its advantages include saving PCB space, improving production efficiency, and enhancing system integration.
Soft SIM is the lightest solution, completely implementing SIM functionality through software, running on a general-purpose processor, using software to simulate a secure environment without the need for dedicated hardware support. This solution has a completely open architecture, the highest flexibility, and the lowest deployment cost, but relatively weak security, primarily used for experimental projects, specific industry applications, and development testing environments. Due to the difficulty in ensuring security and compliance issues, currently, it has received limited support from operators.
With the support of the aforementioned SIM technology solutions, DeSIM can access a large number of mobile operators through a decentralized system, minimizing costs while allowing automatic switching to reduce the centralized risks during user mobile communication, lowering usage costs and improving network utilization.
Breakthrough: Find target users and growth flywheel
In a market structure with numerous operators, how can DeSIM leverage the advantages of Web3 to provide differentiated services? By analyzing the successful experiences of MVNOs, we can roughly attribute success to three categories of value propositions: 'audience-driven,' 'collaborative diversification-driven,' and 'technology-driven.'
Audience-driven refers to providing services to specific target users. The following characteristics of DeSIM enable it to compete with other operators in a differentiated manner:
1. Unified payment for cryptocurrencies: Supports global business.
2. Privacy Protection: No KYC, cancel anytime
3. Lower early customer acquisition costs: Token incentives are expected to attract early users while lowering actual user expenses.
Based on characteristic analysis, it is easy to derive the user portrait of DeSIM: one type consists of cryptocurrency practitioners who frequently travel globally, focusing on privacy protection and possessing strong payment capabilities; the other type is price-sensitive speculators who wish to earn returns or reduce communication expenses through token incentives.
The collaborative diversification drive aims to expand existing businesses into the mobile communication sector. The Web3 industry already has many cases of business expansion, essentially allowing the cryptocurrency system to better integrate with real-world businesses. Public chains, exchanges, and social applications can all combine with DeSIM to achieve higher user adoption and commercial monetization.
For instance, Solana launched the Saga phone as early as 2023, with public chains like Aptos and Sui following suit; the combination of DeSIM and mobile phones seems very reasonable. Major exchanges have also launched their payment cards, facilitating users to make fiat payments with cryptocurrencies, while DeSIM can enable users to pay mobile charges with cryptocurrencies. Various mobile communication services have already appeared on social applications like Telegram and Line, creating super applications in the communication field.
Finally, technology-driven represents businesses built on the characteristics of specific technologies. Just as Cubic Telecom's MVNO is built on IoT business, DeSIM can cooperate with nearly all DePIN products, providing mobile network connectivity, which is a prerequisite for DePIN devices. DePIN devices come in various types and can be used in geographic, power, computing, storage, and other areas, but to synchronize data across networks composed of nodes, DePIN devices must be networked. The DeSIM built into the devices can perfectly solve the networking issue, supporting global mobility of devices, and the collaboration can also provide users with multiple benefits.
Case Study: Mature Applications and Early Opportunities.
Since the rise of mobile internet, SIM has become an essential application in people's daily lives. SIM serves as a key; without it, mobile devices cannot prove their identities and cannot access operator networks. It is the foundation of the entire mobile communication security system. SIM is both the gateway for users to obtain internet data traffic and the gateway for merchants to access user traffic. Today, this mature application, underpinned by Web3, has ushered in a new development—DeSIM.
Since the outbreak of the DePIN concept in 2023, DeSIM projects have emerged in the market, some of which have successfully stabilized operations until now. With the rise of Telegram ecosystem applications, some entrepreneurs are attempting to combine DeSIM with the Telegram ecosystem to gain higher user traffic. Below, we will introduce some early projects briefly.
Helium Mobile
Helium initially started with IoT services and ventured into the blockchain field in 2017, establishing Helium Network, incentivizing users to provide node coverage for wireless networks through cryptoeconomics, and is considered one of the early successful cases of DePIN.
In August 2023, Helium launched the world's first crypto operator, Helium Mobile, in collaboration with the largest 5G network in the United States, T-Mobile. This combines Helium's network infrastructure with a dynamic coverage model, integrating the network coverage of traditional mobile operators with the locally constructed Helium hotspot network to provide users with a more decentralized mobile communication community solution.
As more users join Helium Mobile, the $Mobile token captures value, prompting more users to actively provide local network coverage, increasing coverage rates and enhancing user experience, thus attracting more users to join the network, building a crypto flywheel, gradually reducing dependence on traditional mobile operators, and enhancing decentralization.
In traditional mobile communication, user data is transmitted wirelessly to signal towers/base stations. To further escape the constraints of heavy infrastructure, Helium Mobile launched the Hotspot hardware and Carrier Offload plan, where each Hotspot can serve as a mini signal tower for mobile phones. Deployers of Hotspots can receive rewards based on the volume of traffic processed, while mobile operators can purchase traffic from Hotspots, allowing operators to achieve greater coverage without building their own signal towers, enhancing their networks. Essentially, this reduces the costs of centralized infrastructure through decentralization, leveraging the community to achieve cost reduction and efficiency enhancement.
In terms of actual usage, Helium Mobile's service format is a monthly fee plan of $20, offering unlimited data, SMS, and calling services, which presents a significant price advantage compared to other operators at the time. Helium uses the most standardized eSIM for identity verification and provides an additional layer of privacy and security on top of eSIM to prevent SIM swap attacks.
Helium Mobile captures token value through various means to promote the rise of the flywheel:
Mining: Using the Mobile network can earn $Mobile rewards.
Task: Earn $Mobile through Mapping tasks
Mall: Users can purchase plans, hotspots, and phones in the built-in mall using $Mobile
In addition to the $20 monthly fee plan in the United States, Helium Mobile has launched a global roaming service for overseas travel needs, offering 1GB of data, 60 minutes of calls, and 100 SMS for every $15.
After more than a year of development, Helium Mobile has over 120,000 users, 27,000 hotspots, and has transmitted over 4PB of mobile data.
Depinsim
Depinsim is a decentralized mobile communication project launched in 2024, built on the TON blockchain, providing global roaming services to users through Telegram.
To solve the drawbacks of traditional telecom networks and digital identity systems, the Depinsim protocol introduces a powerful, scalable, and user-centric framework. The protocol includes three types of roles:
Data Consumers: Enjoy free data flow, gasless encrypted payment services, and secure encrypted communication services.
Data providers: i.e., operator networks, sell data traffic through blockchain pricing.
Data sponsors: Purchase data traffic and distribute it to consumers through tasks or advertisements.
To accommodate a large number of network interactions, Depinsim adopts a DPoS consensus mechanism, ensuring high scalability and low-latency efficient network operation. By migrating traditional data service contracts, digital identity management, payment functions, etc., onto the chain, communication services achieve decentralization and automation.
To achieve flexible switching of communication networks, Depinsim adopts eSIM (embedded-SIM) technology. eSIM supports remote configuration management, unlike physical SIM cards that are configured at the time of manufacture, thus providing higher flexibility. eSIM technology has been adopted by many mainstream terminal manufacturers and has gained support from operators in most regions globally, with high standardization and a mature ecosystem.
Utilizing the decentralized eSIM technology of Depinsim, users can download the eSIM configuration files and security parameters of operators through a decentralized blockchain network and complete network registration. During communication, Depinsim uses complete end-to-end encryption, allowing users full control over data and interactions, ensuring that even mobile operators cannot access specific data content, minimizing the risk of privacy breaches and asset theft.
For C-end users, Depinsim integrates eSIM with DID, wallets, and mining machines, grasping the entry point to the crypto world. For B-end users, Depinsim offers reliable and flexible communication solutions, achieving high scalability worldwide, and provides a traffic acquisition channel for enterprises through a task system.
In specific business terms, DePINSIM covers over 200 countries and regions, adopting a pay-per-use billing model, with traffic rates as low as $2/GB. Users can choose between eSIM or physical SIM cards; both forms support all Web3 functions of the project. To enhance user retention, the project has designed diverse income models: users can sell idle traffic on P2P markets, provide connectivity services for surrounding IoT devices to earn income, or earn tokens by completing location tasks, watching location-based advertisements, and more.
In terms of token economics, the project maintains ecological balance through a "consumption - staking - destruction" mechanism: user consumption generates sustained demand; unused data can be staked to earn points; while periodically destroying transaction fees to control inflation. In addition, the project has launched a Premium membership service to provide more exclusive rights for heavy users.
Another feature of Depinsim is the fixed number mechanism, which ensures the stability of user identity verification across various platforms and effectively avoids the security risks caused by traditional numbers becoming invalid. This design makes Depinsim not only a communication tool but also a carrier of the user's digital identity.
XPIN
XPIN is committed to building a multi-layered, comprehensive IoT platform, composed of the XPIN cloud infrastructure service system and the XPIN decentralized protocol.
The XPIN cloud infrastructure service system provides an innovative vSIM (virtual-SIM) solution, allowing users to complete mobile network communication without a physical SIM card through a virtual SIM card implemented entirely by software. The configuration management of vSIM is implemented in the cloud, dynamically downloading security parameters for identity management, thus allowing for flexible identity switching. The deployment cost of vSIM is extremely low and has a vast application scenario in IoT, shared devices, and other fields.
Among them, cloud configuration management is implemented by the XPIN cloud system, providing network access services. All IoT devices that meet the XPIN communication protocol standards can access, collect, process, and analyze data through the XPIN cloud platform, achieving efficient data management and application. XPIN's smart vSIM and subnet, due to the absence of hardware constraints, are entirely implemented by software, thus providing the highest flexibility and supporting communication across various networks such as 4G/5G, SDWAN, Wi-Fi, LPWAN, and satellite networks, ensuring the highest connectivity for users.
The XPIN decentralized protocol builds a consensus mechanism between IoT devices, providing a secure, transparent, and efficient unified data interaction platform. Each IoT device in the XPIN network communicates between blockchain nodes through vSIM services, each device possesses a unique on-chain DID, enabling local identity verification and facilitating trustworthy, traceable data exchange, realizing data sharing.
In product design, XPIN adopts a phased development strategy. The first phase launches global eSIM services covering over 200 countries and regions, supporting automatic switching between multiple operators. The second phase will release the XPIN smart power bank, integrating Wi-Fi hotspot and mining functions, while also laying out XPIN Box family routers and base station devices, forming a complete hardware ecosystem.
The project ensures sustainable development through diverse revenue models, including vSIM package sales, hardware sales, game items, etc. In terms of user incentives, a 'connect-to-mine' mechanism has been designed, allowing users to earn token rewards by providing network services.
The target users of XPIN include global travelers, digital nomads, Web3 project parties, and other groups. The project redefines the future form of mobile communication through decentralized infrastructure and a blockchain-driven economic model.
AISIM
AISIM is a Web3 IoT infrastructure project built on the TON ecosystem, aiming to create the world's first Web3 IoE (Internet of Everything) ecosystem. To address issues such as data security, privacy protection, and interoperability in traditional IoT, AISIM has designed a complete technical architecture.
Core technical components include: STP protocol, DID system, privacy engine, and smart SIM card.
The STP protocol is a communication protocol independently developed by AISIM, serving as a core component of the ecosystem, achieving three key functions:
IoT Device Translation Layer: Provides a modular, layered translation API interface, supporting devices from different manufacturers and different technical standards to connect directly to the network
Encrypted data transmission center: Adopts a P2P approach and cryptographic technologies such as zero-knowledge proofs to ensure data privacy in point-to-point communications between devices.
Resource Allocation Center: Users provide computing power, bandwidth, storage, and other resources through the DePIN client, earning incentives based on consensus mechanisms.
Through the STP protocol, AISIM supports the unified connection and data transmission of IoT devices, building consensus among network nodes and distributing incentives.
The DID system is built in accordance with W3C's DID standards, supporting cross-platform and cross-chain identity authentication. Users and devices can independently create and manage DIDs without relying on centralized institutions. Combined with zero-knowledge proof technology in the privacy engine, the DID system achieves secure, private, decentralized, and interoperable digital identity management functions, safeguarding users' personal privacy and information security.
The privacy engine adopts a mixed scheme of ZK-SNARKs and ZK-STARKs, utilizing the scalability properties of ZK algorithms to meet the efficient verification needs of a large number of small devices, while using zero-knowledge properties to ensure high security and scalability requirements of large ecosystems. Privacy protection is implemented in identity verification, data transmission, smart contract execution, and other aspects.
Smart SIM cards support various SIM forms such as standard physical cards, vSIM, eSIM, etc., allowing users to freely choose between usability, flexibility, and reliability. Cardholders obtain a unique DID account, becoming distributed physical nodes to jointly build a trustless communication network alliance without permission, and can use a single DID to associate and access multiple operator network services. Meanwhile, AISIM integrates MVNO functions, supporting fiat and virtual currency top-ups, providing global roaming services.
AISIM plans to deploy smart contracts using the zkEVM scheme to protect transaction details and participant privacy. In the future, cryptographic solutions such as MPC and FHE will be introduced to support more IoE scenarios. For users, AISIM not only meets basic communication needs but also offers a rich array of network application scenarios, including IoE device interconnection, remote work, Web3 communities, smart homes, and smart cities. Through DID and encrypted wallet functions, AISIM cards become hubs connecting users with multiple service providers (SP) and content providers (CP).
In terms of incentive mechanisms, AISIM adopts TST tokens for ecological governance, with a total of 1 billion tokens, of which 70% are used for mining output (PoW + PoS). Users holding DID physical nodes can earn a share of ecosystem network revenue, including network service fees, SIM card fees, and other income.
One major feature of AISIM is its complete IoT solution. By utilizing the STP protocol, it enables direct access for devices from different manufacturers and different technical standards, combined with the DID system and privacy engine, ensuring point-to-point communication between devices while safeguarding data privacy and security, providing foundational support for smart homes, industrial IoT, smart city applications, and more.
Challenges: Decentralization and token economics.
Despite being named DeSIM, the current Web3 mobile operators still face significant challenges in decentralization. The initial investment costs for network infrastructure are extremely high, making it nearly impossible to build from scratch in a decentralized manner, which means the DeSIM project must inevitably borrow from existing network infrastructure, a solution currently adopted by the vast majority of projects. Based on this, how to improve the level of decentralization? Returning to first principles, why do we need decentralization? The reasons can be roughly divided into the following points:
· Enhance fault tolerance
· Reduce usage costs
· Protect user privacy
· Improve network efficiency
When DeSIM can support automatic switching between different operators and even different network types, the conditions for decentralization seem to be met. The network lines and base stations between different operators are usually built separately, and users can perceive the signal differences between different operators during use.
DeSIM can automatically switch to other networks when there is an abnormal signal from a single operator, improving fault tolerance.
A large amount of settlement data can gain pricing advantages among operators, reducing user costs.
Switching between networks prevents a single operator from accessing all data, protecting user privacy, and encryption at the SIM end can further protect communication content.
Automatically detect the strength of base station signals, access nearby networks to reduce latency, significantly improving network efficiency.
Compared to decentralization, the design of token economics seems to trouble DeSIM entrepreneurs more. Based on extensive project experience, the following suggestions may be helpful.
Token utility design: Diversified as much as possible, can be used for paying service fees, operating node deposits, and transaction media in traffic trading markets.
Inflation control: Set limits on traffic mining and unlocking methods to incentivize long-term staking to lock circulation.
Incentive model: Basic income from traffic mining serves as a subsidy, and staking income is progressive to increase the staking rate.
To avoid falling into the death spiral of mining - pledging - selling, the key is to balance the value storage, circulation, and governance functions of tokens, forming a virtuous token economic loop. Outlook: The transformation of human communication forms in the fields of connected vehicles, Starlink, and the metaverse is gradually accelerating. While DeSIM aims to improve service experience, it might also explore the upcoming possibilities, potentially redefining the future form of global communication networks through deep integration with connected vehicles, Starlink communication, and next-generation communication technology. In the connected vehicle field, DeSIM is expected to play a core infrastructure role. With the maturity of autonomous driving technology, the demand for real-time, reliable data transmission from vehicles is increasing sharply. Traditional centralized communication networks may face bandwidth bottlenecks and latency issues when dealing with massive connected vehicle data. The decentralized architecture of DeSIM can effectively address these challenges. Moving vehicles will no longer be merely users of the network but will participate in network construction as mobile base stations, creating a dynamically expanding mesh network. This "vehicle follows the network" model not only provides better network coverage but also encourages vehicle owners to contribute bandwidth resources through a token incentive mechanism. Meanwhile, DeSIM can deeply integrate with charging pile networks, providing high-speed network services while charging electric vehicles, and achieving automated charging payments through smart contracts. In the field of space communication, the combination of DeSIM and satellite networks such as Starlink will open up new possibilities. Low-orbit satellite communication networks are reshaping the global internet infrastructure, and DeSIM can become a key link connecting ground networks and satellite networks. Through intelligent routing technology, user devices can automatically select the optimal network link based on actual conditions, whether it is a ground base station or satellite signal. This integrated communication network can cover the most remote corners of the Earth and provide reliable emergency communication guarantees in extreme situations such as natural disasters. Low-orbit satellites are expected to be incorporated into the token economic system of DeSIM, allowing satellite operators to receive token rewards by providing communication services. This economic model helps promote the sustainable development of space communication infrastructure. In the metaverse field, DeSIM can not only provide high-speed, low-latency data transmission but also address key issues such as digital identity verification and virtual asset ownership through customized SIMs and DIDs. In AR/VR applications, DeSIM's distributed content delivery network can significantly reduce data transmission latency, providing a smoother immersive experience. At the same time, DeSIM can facilitate interoperability between different virtual worlds, laying the foundation for the openness of the metaverse. CGV Research believes that DeSIM, as a new generation of decentralized communication infrastructure, stands at the critical intersection of multiple cutting-edge technologies. With the recent rise in the secondary market for DePIN sector tokens, the DeSIM track is expected to attract more market attention, further driving user adoption. Web3's mobile operators may be able to take the lead in ushering in the next generation of communication.
Disclaimer
The information and materials introduced in this article are sourced from public channels, and our company makes no guarantees regarding their accuracy and completeness. Descriptions or predictions regarding future situations are forward-looking statements, and any suggestions or viewpoints are for reference only and do not constitute investment advice or implications for anyone. The strategies that our company may adopt may be the same, opposite, or entirely unrelated to the strategies that readers infer based on this article.
CGV (Cryptogram Venture) is a cryptocurrency investment institution headquartered in Tokyo, Japan. Since 2017, its fund and predecessor fund have cumulatively participated in investments in over 200 projects, including investing in the licensed Japanese yen stablecoin JPYW. Meanwhile, CGV FoF is a limited partner of globally renowned crypto funds.
Since 2022, CGV has successfully hosted two editions of the Japan Web3 Hackathon (TWSH), receiving joint support from the Ministry of Education, Culture, Sports, Science and Technology of Japan, Keio University, NTT Docomo, and other institutions and experts. Currently, CGV has branches in Hong Kong, Singapore, New York, Toronto, and other locations.
Additionally, CGV is one of the founding members of the Bitcoin Tokyo Club located in Tokyo, Japan.