Coinbase co-founder Fred Ehrsam bets on Venezuelan oil, establishes Primavera to take over multiple oil fields

According to Bloomberg, Coinbase co-founder Fred Ehrsam is betting personal funds on Venezuela's oil industry. He referred to this opportunity to become a significant oil producer as an "excellent opportunity" and compared it to the once-in-a-generation investment opportunities that helped him join the ranks of billionaires.

The startup founded by Fred Ehrsam, Primavera, has recently signed multiple contracts with the state-owned oil company Petróleos de Venezuela S.A. (PDVSA) and is preparing to take over the operations of several oil fields in the country.

Primavera has also hired senior oil industry professionals from Chevron and Occidental Petroleum to assist in building the necessary infrastructure to support the production of conventional oil and heavy crude.