Coinbase co-founder Fred Ehrsam moves to Venezuela in pursuit of oil.

BlockBeats news, September 11, according to The Wall Street Journal, cryptocurrency billionaire Fred Ehrsam once lived for months in a luxury hotel in Caracas while building a network of contacts, hoping to become one of Venezuela's largest oil producers through a plan with a low probability of success.

The 38-year-old Coinbase co-founder previously had no experience in the oil and gas industry, but has now unexpectedly become a potential participant in President Trump's plan to revive Venezuela's declining oil industry. Earlier this year, Primavera, a company co-founded by Ehrsam, signed a production-sharing contract last week with Venezuela's state-owned oil giant Petróleos de Venezuela.