Coinbase Cofounder Fred Ehrsam Reportedly Seeks Control of Oil Fields in Venezuela

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.