Coinbase co-founder joins rush for Venezuelan oil assets under new US-backed framework

Coinbase co-founder Fred Ehrsam's separate Venezuela investment firm, Primavera, is reportedly pursuing three oil assets as the country reallocates energy projects under a US-backed restructuring.

Reuters reported on Sept. 2 that Primavera was among companies expected to sign Venezuelan energy agreements as soon as that day. Bloomberg reported on Sept. 1 that Ehrsam was seeking control of at least three fields operated by Alvorada Heavy Industries in the Boca, Guico and Guara blocks of the Orinoco Belt.

Bloomberg attributed the block-level details to unnamed people familiar with nonpublic talks, while Reuters did not identify the fields.

Coinbase co-founder's crypto fortune targets Venezuela

Neither Coinbase nor Paradigm has been identified as a bidder or participant, and no blockchain, cryptocurrency, or digital payments component has been established for the reported transaction.

Ehrsam nevertheless retains close ties to the crypto industry. Coinbase's 2026 proxy filing lists him as a director, while Paradigm describes him as a co-founder and senior advisor. The distinction makes this a story about crypto-derived personal capital entering a state-mediated commodity business.

Banco de Venezuela said it hosted Ehrsam at a digital-finance event in Caracas on May 13, where he discussed opportunities involving cryptocurrencies and the country's financial sector.