Cryptocurrency billionaire Fred Ehrsam spent months living in a luxury hotel in Caracas, building a rolodex of connections in a long-shot bid to become one of Venezuelaโs biggest oil producers.ย ย
Without a track record in oil and gas, the 38-year-old co-founder of crypto exchange Coinbase Global has emerged as a surprise contender in President Trumpโs push to revitalize Venezuelaโs run-down oil industry. Primavera, the company Ehrsam co-founded earlier this year, signed production-sharing contracts last week with state-run oil giant Petrรณleos de Venezuela to secure his foothold there.ย ย ย
Like many answering Trumpโs call to invest in Venezuela, Ehrsam isnโt a household name in the oil patch. Rather, he has supported Trump and has some measure of political cachet of his own. He serves on the presidentโs Council of Advisors on Science and Technology, alongside Mark Zuckerberg and Larry Ellison, among others.
Some Venezuela experts said they had never heard of Primavera and suggested it faces an uphill battle in its bid to expand in the country.ย
Copyright ยฉ2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
About The Author
