According to a Bloomberg report cited by Odaily, people in the crypto market may be exploring a move into the energy sector. Citing unnamed sources, the report says Fred Ehrsam, co-founder of Coinbase, is seeking control of at least three oil fields in Venezuela. Ehrsam is reportedly working through Primavera, an investment firm he co-founded. He has visited Caracas multiple times and met with U.S. officials to explore opportunities in oil, natural gas, fintech, and digital payments. The oil fields are operated by Alvorada Heavy Industries and sit in the Boca, Guico, and Guara blocks of Venezuela's Orinoco Belt. The report, first published by Bloomberg and later picked up by Odaily, says negotiations are ongoing and no final agreement has been reached. Additional terms have not been disclosed.
According to a Bloomberg report cited by Odaily, crypto market insiders may be venturing into the energy sector. Sources familiar with the matter said Fred Ehrsam, co-founder of the cryptocurrency exchange Coinbase, is seeking control of at least three oil fields in Venezuela.
Primavera and the Push Into Venezuela
Ehrsam is said to be making the move through Primavera, an investment firm he also co-founded. He has reportedly visited Caracas several times and met with U.S. officials, while exploring potential investments in oil, natural gas, fintech, and digital payment systems.
Alvorada-Operated Fields in the Orinoco Belt
The oil fields are operated by Alvorada Heavy Industries, according to the sources. They are located in the Boca, Guico, and Guara blocks of Venezuela's Orinoco Belt. Negotiations are still in progress, according to the report. No further details about the deal structure or timeline have been made public.
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