Coinbase2026-09-11 02:21:38WSJ: Coinbase co-founder Fred Ehrsam moved to Venezuela to pursue oil ambitionsThe Wall Street Journal reported that Coinbase co-founder Fred Ehrsam spent months living in a luxury hotel in Caracas while building local connections as he pursued a long-shot plan to become one of Venezuela’s largest oil producers. Ehrsam, 38, had no prior experience in the oil and gas business, according to the report. He has nonetheless emerged as a potential participant in U.S. President Donald Trump’s push to revive Venezuela’s declining oil sector. Earlier this year, Primavera, a company Ehrsam co-founded, signed a production-sharing contract last week with Venezuela’s state oil giant Petróleos de Venezuela. The report links the crypto billionaire’s latest move to the country’s energy industry rather than the digital asset sector.1080
Coinbase2026-09-02 01:23:33Coinbase Cofounder Fred Ehrsam Reportedly Seeks Control of Oil Fields in VenezuelaAccording 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.1260
