Update Roundup: Samsung's Mining ASICs, KodakCoin Launch, and Venezuela's Petro Token

Earlier this week, we reported on rumors that Samsung appeared to be entering into the cryptocurrency mining market, creating a new line of dedicated ASICs. While unnamed sources within Samsung confirmed the move to South Korean news agency The Bell, many details were still unclear.

Speaking with TechCrunch on Wednesday, a Samsung spokesperson confirmed the new product line. The company declined to disclose further details about who the chips were being made for — there have been conflicting reports that Samsung may have partnered with Taiwan-based chipmaker (and Bitmain supplier) TSMC — sparking even more speculation about the electronics giant’s future plans in the crypto-mining market. At the moment, however, it does not appear that Samsung is making full mining rigs, but instead appears to be making boards for upgrading existing equipment.

In other news, the planned ICO for the Kodak-backed token KODAKCoin has hit an unexpected delay. As we reported back in January, the long-struggling photography company recently entered into a partnership with wire service WENN Media to create a blockchain-powered image licensing platform called KODAKOne. The planned token launch for accredited investors was slated for January 31, but the new initiative’s timeline appears to be a victim of its own success. In a press release posted to the KODAKOne website, organizers explained that over 40,000 potential investors applied to take part in the ICO, creating a backlog for investor verification.

Under the U.S. Securities Act of 1933, individual accredited investors must have a net worth of at least $1 million, or an annual income of $200,000. Kodak expects the verification process to take “several weeks.” Kodak’s stock price, which jumped from $3.10 to a high of $11.55 in the days after the KODAKCoin announcement, has fallen significantly since the announcement of the ICO’s delay. (KODK’s price was $6.65 at the time of publication.)

Finally, Venezuela’s highly anticipated, government-backed Petro token appears to be on track for its planned ICO. Venezuelan President Nicolas Maduro confirmed the Feb. 20th token launch earlier this week during a symbolic whitepaper signing event. According to Bloomberg, the Venezuelan government is developing plans to integrate Petro payments with the country’s national ID card, potentially bringing 15 million new users into the system.

Speaking on state TV, Maduro said: “This is the moment to accelerate the entry of the petro, to have faith in what we’ve created and in the technological and intellectual capacity of our country. The petro will have a great impact, in how we access foreign currencies for the country and in how we obtain goods and services that we need from around the world.” The Petro token is still considered “illegal” by Venezuela’s congress, who have called the cryptocurrency “tailor-made for corruption.”