Ehrsam's Primavera Taps Venezuela Oil Reserves
Fred Ehrsam, co-founder of Coinbase and backer of Primavera, has secured production-sharing agreements with Venezuela's state oil company PDVSA. The deal could have a ripple effect on global energy markets and, by extension, cryptocurrency prices.
The agreement is significant because it allows Primavera to tap into Venezuela's massive oil reserves, estimated at 303 billion barrels in 2023 by the U.S. Energy Information Administration. This is the largest national reserve base in the world, yet production has been limited due to aging infrastructure, sanctions, and technical constraints.
Venezuela's connection to crypto markets is also notable. Chainalysis reported that $44.6 billion in Venezuelan cryptocurrency transaction flows occurred in 2025, indicating how residents use international crypto platforms amid monetary and financial constraints.