Coinbase co-founder Fred Ehrsam founded Primavera, which is preparing to take over multiple oil fields in Venezuela.

October 13, according to Bloomberg, Coinbase co-founder Fred Ehrsam is betting on Venezuela's oil industry with personal funds. He called this opportunity to become a major oil producer an "exceptional opportunity" and compared it to the once-in-decades investment opportunities that helped him join the ranks of billionaires.

Primavera, a startup founded by Fred Ehrsam, has recently signed multiple contracts with Venezuela's state-owned oil company Petróleos de Venezuela (PDVSA) and is preparing to take over operations at several oil fields in the country. Primavera has also hired veteran oil industry personnel from Chevron and Occidental Petroleum to help build related infrastructure to support conventional oil and heavy crude production.