Web3’s mobile operators may be the first to usher in the next generation of communications.
Article written by: Shigeru & Satou
Source: CGV Research
Mobile communications have become an indispensable infrastructure for modern life, but the traditional operator model is facing growth bottlenecks and stagnant innovation. With the development of Web3 technology, decentralized SIM (DeSIM) has emerged as a new mobile virtual network operation model. This article will deeply analyze the development status and future prospects of DeSIM from the following aspects:
Discuss the market structure and pain points of the traditional mobile communications industry and analyze the development opportunities of DeSIM
· Analyze the evolution of SIM card technology, interpret the technical principles and implementation methods of DeSIM.
· Explore DeSIM's market positioning and growth path through user profiling and business model analysis.
· Comparative analysis of project cases such as Helium Mobile, Depinsim, XPIN, summarizing industry development experiences
· 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 vehicle networking, Starlink communication, and the metaverse.
Origin: Perfect communication infrastructure and intense market competition
Communication is a timeless human need. As technology evolves, the means of communication are gradually increasing. From images to language to text, information continues to condense; from printing to telephones 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 essential part of everyday life for ordinary people. By the end of 2023, 5.6 billion people worldwide had subscribed to mobile services, accounting for 69% of the global population. Eight years ago, this number was only 1.6 billion, with an average annual growth rate of 31.25%. Specifically, the mobile user penetration rate in the Greater China region is 88%, North America is 89%, and Europe is as high as 91%. Such high penetration rates indicate the improvement and popularization of communication infrastructure, while also implying limited growth space. According to GSMA estimates, the average annual growth of global mobile users from 2023 to 2030 is about 1.7%, with a significant slowdown in growth.
Due to antitrust considerations, each country or region is usually served by multiple mobile operators, typically maintaining around 3-4, resulting in a relatively balanced market structure. For example, the main 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. 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 face high industry entry barriers, heavy asset investments, and significant economies of scale and scope. The importance of economies of scale lies in the fact that for a given physical infrastructure, the marginal cost of adding new service users is very low, while the revenue is high, therefore the core competitiveness of operators usually manifests itself in user scale. However, for the sake of livelihoods, countries usually do not allow price wars between mobile operators. At the same time, to avoid actual monopolies among a few operators, which would stagnate innovation, mobile virtual network operators (MVNOs) have emerged.
MVNOs do not build network infrastructure but directly utilize existing network resources, collaborating with traditional operators to acquire more users through differentiated services and pricing competition, providing flexible services through a light asset operation model while also providing traditional operators with low marginal cost additional revenue, improving network utilization.
DeSIM is an application form of MVNO, serving cryptocurrency practitioners while attracting traditional users to engage with the Web3 industry through a global payment system, differentiated services, and tokenized diverse gameplay.
Transformation: The evolution of SIM technology and the possibilities of DeSIM.
When we conduct mobile network communications through mobile devices, the entire link experiences collaboration among numerous network devices.
1. Within mobile devices, applications generate data, which is processed by the TCP/IP protocol stack in the application processor (AP) and passed to the baseband processor (BP) via a driver interface.
2. BP interacts with SIM to read identity information, perform identity verification, generate session keys, and establish encrypted channels.
3. The RF module (RF) converts signals from digital to analog, transmitting them via antennas to the base station.
4. The base station receives and processes signals, manages 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 through optical fiber, transmitting to the internet via gateways and location registers and other components.
In this context, apart from the SIM, users have almost no autonomy to choose. The SIM plays the role of identity verification and security assurance in mobile communications. The centralization monopoly of SIM poses risks to identity privacy and information security, hence we need DeSIM.
In the era of 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. With the advent of technologies like eSIM, vSIM, and iSIM, DeSIM has welcomed developmental opportunities.
SIM card technology has undergone multiple generations of evolution, developing from traditional physical SIM cards into various technological solutions such as eSIM, vSIM, iSIM, and Soft SIM, each with its unique characteristics.
As the most mature next-generation SIM technology, eSIM adopts the method of embedding physical chips into 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 other components, supporting multiple profiles coexisting. In terms of security, eSIM achieves hardware-level encryption, secure boot, integrity checks, tamper protection, and key isolation mechanisms. Currently, eSIM has received widespread support from mainstream terminal manufacturers and operators, mainly applied in high-end smartphones, smartwatches, tablets, and other devices.
vSIM adopts a completely different technological route, achieving SIM functionality through software virtualization, relying on the cloud for configuration management and parameter downloading, supporting dynamic identity simulation. Its characteristics include using cloud-based Profile storage and real-time configuration delivery, building a secure environment at the software level, supporting flexible identity switching. The security mechanism includes software encryption, TEE protection, dynamic keys, and communication encryption. The current standardization of vSIM on mobile devices still needs improvement, and it is mainly applied in IoT devices, shared devices, and other scenarios.
iSIM represents a higher degree of hardware integration, incorporating SIM functionality directly into the SOC, sharing a hardware security unit with the processor, and using a dedicated secure area to store data. This solution has advantages such as ultra-small size, extremely low power consumption, and hardware-level security protection, making it particularly suitable for ultra-small IoT devices, wearable devices, and similar scenarios. Its benefits 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 general-purpose processors, 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 costs, but relatively weak security, mainly used in experimental projects, specific industry applications, and development testing environments. Due to the difficulty in ensuring security and compliance issues, it currently has 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 the risk of centralization when users use mobile communication, reducing costs, and improving network utilization.
Breakthrough: Finding target users and growth flywheels
In a market structure crowded with operators, how can DeSIM leverage the advantages of Web3 to provide differentiated services? Analyzing the successful experiences of MVNOs, we can roughly attribute the success to three types of value propositions: 'audience-driven', 'collaborative diversification driven', and 'technology-driven'.
Audience-driven refers to providing services for specific target users. The following features of DeSIM enable it to compete on differentiation with other operators:
1. Unified payment for cryptocurrency: Supports global business.
2. Privacy protection: No KYC, cancel anytime
3. Lower early customer acquisition costs: Token incentives are expected to attract early users and reduce actual user spending.
Based on feature analysis, it is easy to deduce the user profile of DeSIM: one type is cryptocurrency practitioners who frequently travel globally, emphasizing privacy protection and having strong payment capabilities; the other type is price-sensitive speculators looking to earn rewards through token incentives or reduce communication expenses.
The collaborative diversification drive aims to extend existing business into the mobile communications sector. The Web3 industry already has numerous business expansion cases, fundamentally aiming to better integrate cryptocurrency systems with real-world businesses. Public chains, exchanges, social applications, etc., can all combine with DeSIM to achieve higher user adoption and commercial monetization.
For example, Solana launched the Saga phone as early as 2023, and public chains like Aptos and Sui have also followed suit; the combination of DeSIM with mobile phones seems very reasonable. Major exchanges have issued their own payment cards, making it convenient for users to make fiat payments with cryptocurrencies, while DeSIM enables users to pay for mobile service charges with cryptocurrency. Various mobile communication services have already emerged on social applications like Telegram and Line, creating super applications in the communication field.
Finally, technology-driven means that business is built on the characteristics of specific technologies. Just as Cubic Telecom's MVNO is based on IoT business, DeSIM can facilitate connections for almost all DePIN products, providing mobile network connectivity, which is a prerequisite for DePIN devices. The types of DePIN devices are diverse, applicable to geographical, power, computing, storage, and other areas, but to synchronize data between networks composed of nodes, DePIN devices must be connected to the network. The built-in DeSIM can perfectly solve the connectivity issue, supporting global mobility of devices, and their cooperation can also provide users with multiple benefits.
Case study: Mature applications and early opportunities.
Since the rise of the mobile internet, SIM has long become an indispensable mature application in people's daily lives. The SIM acts as a key; without it, mobile devices cannot prove their identity and cannot access operator networks. It forms the basis of the entire mobile communication security system. The SIM is both the entry point for users to obtain internet data flow and the entry point for businesses to acquire user flow. Today, this mature application, under the support of Web3, welcomes 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 to the present. With the rise of Telegram ecosystem applications, some entrepreneurs have also attempted to combine DeSIM with the Telegram ecosystem to gain higher user traffic. Below, we will briefly introduce some early projects.
Helium Mobile
Helium initially started with IoT services, entering the blockchain field in 2017, establishing the Helium Network, and utilizing cryptoeconomics to incentivize users to provide node coverage for wireless networks, becoming one of the early successful cases of DePIN.
In August 2023, Helium launched the world's first crypto operator, Helium Mobile, in collaboration with T-Mobile, the largest 5G network in the United States. It combines Helium's network infrastructure with a dynamic coverage model that integrates the network coverage of traditional mobile operators with the locally built Helium hotspot network, providing users with a more decentralized mobile communication community solution.
As more users join Helium Mobile, the $Mobile token captures value, encouraging more users to actively provide local network coverage, increasing coverage and enhancing user experience, attracting more users to join the network, building an encrypted flywheel, and gradually reducing dependency on traditional mobile operators while increasing the level of decentralization.
In traditional mobile communication, user data is transmitted wirelessly to signal towers/base stations. To further break free from 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. Hotspot deployers can earn rewards based on the amount of traffic processed, while mobile operators can purchase traffic from Hotspots, allowing them to achieve greater coverage without building signal towers, thereby enhancing their networks. Essentially, this reduces the costs of centralized infrastructure through decentralization, leveraging the community to lower costs and improve efficiency.
In terms of specific use, Helium Mobile's service is a $20 monthly plan, offering unlimited data, SMS, and phone service, which provides a significant price advantage compared to other operator plans at the time. Helium uses the most standardized eSIM for identity verification, providing an additional layer of privacy and security on top of the eSIM to guard against SIM swap attacks.
Helium Mobile captures token value in various ways to promote the rise of the flywheel.
Mining: Using the Mobile network can earn $Mobile rewards.
Tasks: 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 plan in the United States, Helium Mobile offers a global roaming service for overseas travel needs, providing 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, with 27,000 hotspots, transmitting 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 address the shortcomings of traditional telecom networks and digital identity systems, the Depinsim protocol introduces a powerful, scalable, and user-centered framework. The protocol includes three types of roles:
Data consumers: Enjoy free data, no gas encryption payment services, and secure encrypted communication services.
Data providers: Referring to operator networks, selling data traffic through blockchain pricing.
Data sponsors: Purchase data traffic and distribute it to consumers through tasks or advertisements.
To support a large amount of network interactions, Depinsim adopts a DPoS consensus mechanism to ensure efficient network operation with high scalability and low latency. By migrating traditional data service contracts, digital identity management, and payment functions onto the blockchain, 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 factory, thus providing greater flexibility. eSIM technology has been widely adopted by many mainstream terminal manufacturers and has received support from operators in most parts of the world, boasting high standardization and a mature ecosystem.
Using Depinsim's decentralized eSIM technology, users can download carrier eSIM configuration files and security parameters through a decentralized blockchain network and complete network registration. During communication, Depinsim employs complete end-to-end encryption, giving users full control over their data and interactions, even preventing mobile operators from accessing specific data content, thereby minimizing the risk of privacy breaches and asset theft.
For end-users, Depinsim integrates eSIM with DID, wallets, and miners, capturing the entry point to the crypto world. For B-end users, Depinsim offers reliable and flexible communication solutions that achieve high scalability on a global scale and provides enterprises with traffic acquisition channels through a task system.
In specific business terms, DePINSIM covers more than 200 countries and regions, adopting a pay-as-you-go billing model with traffic prices as low as $2/GB. Users can choose either eSIM or physical SIM cards, both supporting all Web3 functions of the project. To enhance user stickiness, the project has designed diverse revenue models: users can sell idle traffic in the P2P market, provide connectivity services for surrounding IoT devices to earn income, or earn tokens through completing positioning tasks, watching geo-targeted advertisements, and more.
In terms of token economics, the project maintains ecological balance through a 'consume - pledge - destroy' mechanism: user consumption generates continuous demand; unused data can be staked to earn points; while periodically destroying transaction fees, controlling inflation. In addition, the project has launched a Premium membership service, providing more exclusive rights for heavy users.
Another feature of Depinsim is the fixed number mechanism, which ensures the stability of user identity verification on various platforms, effectively avoiding security risks caused by the expiration of traditional numbers. This design makes Depinsim not just a communication tool but also a carrier of users' digital identities.
XPIN
XPIN is committed to building a multi-layered, comprehensive IoT platform, consisting of the XPIN cloud-based service system and the XPIN decentralized protocol.
The XPIN cloud-based service system provides an innovative vSIM (virtual-SIM) solution, allowing users to complete mobile network communication without a physical SIM card, relying entirely on software-implemented virtual SIM cards. vSIM's configuration management is conducted in the cloud, dynamically managing identities through real-time downloads of security parameters, thus also allowing for flexible identity switching. The deployment cost of vSIM is extremely low and has significant application scenarios in IoT, shared devices, and more.
Among these, the cloud-based 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, because they have no hardware limitations, are fully software-implemented, 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 among IoT devices, providing a secure, transparent, and efficient unified data interaction platform. Each IoT device in the XPIN network communicates through vSIM services, with each device possessing a unique on-chain DID, enabling local identity verification and facilitating trustworthy, traceable data exchange.
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 home routers and base station devices, forming a complete hardware ecosystem.
The project ensures sustainable development through diversified revenue models, including vSIM package sales, hardware sales, game props, etc. In terms of user incentives, a 'connect and mine' mechanism is designed, allowing users to earn token rewards by providing network services. Tokens can be used for service fee payments, staking mining, governance participation, and other scenarios.
XPIN's target users include global travelers, digital nomads, Web3 project parties, and other groups. The project redefines the future form of mobile communication through decentralized infrastructure and blockchain-driven economic models.
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 modular, layered translation API interfaces, supporting direct network access for devices from different manufacturers and different technical standards.
Encrypted data transmission center: Uses P2P methods and cryptographic technologies such as zero-knowledge proofs to ensure data privacy in point-to-point communication 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 can support unified connection and data transmission of IoT devices, building consensus among network nodes and distributing incentives.
The DID system is built according to the W3C DID standard, supporting cross-platform and cross-chain identity authentication. Users and devices can independently create and manage DIDs without relying on centralized institutions. Combining zero-knowledge proof technology from the privacy engine, the DID system achieves secure, private, decentralized, and interoperable digital identity management, safeguarding users' personal privacy and information security.
The privacy engine employs a hybrid 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 ensuring the high security and scalability requirements of large ecosystems through zero-knowledge properties. Privacy protection is implemented in identity verification, data transmission, smart contract execution, and other processes.
Smart SIM cards support various forms such as standard physical cards, vSIM, eSIM, etc., allowing users to freely choose between usability, flexibility, and reliability. Cardholders receive a unique DID account, becoming distributed physical nodes, jointly building a permissionless and trustworthy communication network alliance, and can use a single DID to associate and access various operator network services. Meanwhile, AISIM integrates MVNO functions, supporting both 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 provides a rich array of network application scenarios, including IoE device interconnection, remote work, Web3 communities, smart homes, smart cities, and more. With DID and encrypted wallet functions, AISIM cards become the hub connecting users with multiple service providers (SPs) and content providers (CPs).
In terms of incentive mechanisms, AISIM adopts the TST token for ecological governance, with a total of 1 billion tokens, of which 70% is allocated for mining output (PoW+PoS). Users holding DID physical nodes can earn a share of ecosystem network profits, including network service fees, SIM card fees, and other revenues.
One of the standout features of AISIM is its complete IoT solution. By implementing the STP protocol, it enables direct access for devices from different manufacturers and technical standards, combined with the DID system and privacy engine, ensuring both point-to-point communication between devices and data privacy security, providing foundational support for smart homes, industrial IoT, smart cities, and other application scenarios.
Challenges: Decentralization and token economics
Despite being named DeSIM, the current Web3 mobile operators still face significant challenges in decentralization. The upfront investment cost in network infrastructure is extremely high, and it is almost impossible to build from scratch in a decentralized manner, which means that the DeSIM project must inevitably borrow existing network infrastructure, a solution adopted by the vast majority of projects currently. Based on this, how to improve the level of decentralization? Returning to first principles, why do we need decentralization? The reasons can generally be categorized as follows:
· 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 constructed separately, and users can also perceive the differences in signal strength from different operators.
DeSIM can automatically switch to other networks in case of abnormal signals from a single operator, improving fault tolerance.
A large amount of settlement data can gain price 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 safeguard communication content.
Automatically detects base station signal strength, accessing nearby networks to reduce latency and significantly improve 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: As diverse as possible, usable for service fee payments, collateral for operating nodes, and as a trading medium in the traffic trading market.
Inflation control: Set caps and unlocking methods for traffic mining, incentivizing long-term staking to lock the circulation.
Incentive model: Basic income from traffic mining serves as a subsidy, while staking returns adopt a progressive system to enhance staking rates.
To avoid falling into the death spiral of mining - pledging - selling, the key is to maintain a balance between the token's store of value, circulation, and governance functions, forming a healthy token economic closed loop. Outlook: The transformation of human communication forms in the fields of vehicle networking, Starlink, and the metaverse is gradually accelerating. The DeSIM project, while effectively enhancing service experience, should also explore the possibilities on the horizon. Through deep integration with vehicle networking, Starlink communication, and next-generation communication technologies, DeSIM is expected to redefine the future form of global communication networks. In the field of vehicle networking, DeSIM is expected to play a core infrastructure role. With the maturity of autonomous driving technology, vehicles' demand for real-time, reliable data transmission is sharply increasing. Traditional centralized communication networks may face bandwidth bottlenecks and latency issues when confronted with massive vehicle networking data. The decentralized architecture of DeSIM can effectively address these challenges. Moving vehicles are no longer just users of the network, but participate in network construction as mobile base stations, building a dynamically expanding mesh network. This 'vehicle-following-network' model can provide better network coverage and encourage vehicle owners to contribute bandwidth resources through token incentive mechanisms. Meanwhile, DeSIM can also deeply integrate with charging station networks to provide high-speed network services while charging electric vehicles, and automate charging payments through smart contracts. In the field of space communication, the combination of DeSIM and satellite networks like Starlink will open up new possibilities. Low Earth orbit satellite communication networks are reshaping the global internet infrastructure, and DeSIM can become a key link connecting terrestrial and satellite networks. Using smart routing technology, user devices can automatically select the optimal network link based on actual conditions, whether it is a terrestrial base station or satellite signal. This integrated ground and space communication network can cover even the most remote corners of the Earth and provide reliable emergency communication support in extreme situations such as natural disasters. Low Earth orbit satellites are expected to be included in the token economic system of DeSIM, allowing satellite operators to earn token rewards for providing communication services. This economic model helps promote the continuous development of space communication infrastructure. In the metaverse field, DeSIM can not only provide high-speed, low-latency data transmission but also solve key issues like digital identity verification and virtual asset ownership through customized SIM and DID. In AR/VR applications, the distributed content delivery network of DeSIM can significantly reduce data transmission latency, providing a smoother immersive experience. At the same time, DeSIM can promote interoperability between different virtual worlds, laying the foundation for the openness of the metaverse. CGV Research believes that DeSIM, as the next-generation decentralized communication infrastructure, stands at a critical node where multiple cutting-edge technologies converge. With the recent rise in the secondary market for DePIN sector tokens, the DeSIM track is expected to receive more market attention, further driving widespread user adoption. Web3 mobile operators may be the first to usher in the next generation of communication.
Disclaimer
The information and materials presented in this article are sourced from public channels, and the company makes no guarantees regarding their accuracy and completeness. Descriptions or predictions concerning future situations are forward-looking statements, and any suggestions or opinions are for reference only and do not constitute investment advice or implications for anyone. The strategies that the company may adopt may be similar, opposite, or unrelated to the strategies that readers speculate based on this article.
CGV (Cryptogram Venture) is a crypto investment institution headquartered in Tokyo, Japan. Since 2017, its funds and predecessor funds have participated in over 200 projects, including the investment and incubation of the licensed Japanese yen stablecoin JPYW. At the same time, CGV FoF is a limited partner of several globally renowned crypto funds.
Since 2022, CGV has successfully held two Japan Web3 Hackathons (TWSH), receiving joint support from institutions and experts such as Japan's Ministry of Education, Keio University, and NTT Docomo. Currently, CGV has branches in Hong Kong, Singapore, New York, Toronto, and other locations.
In addition, CGV is also one of the founding members of the Bitcoin Tokyo Club located in Tokyo, Japan.