According to CoinMeta, as reported by The Wall Street Journal, Coinbase co-founder Fred Ehrsam has been residing for several months at a luxury hotel in Caracas, the capital of Venezuela, and has been continuously building relationships with local politicians, businessmen, and the energy industry in order to promote Primavera, which they jointly founded, to invest in Venezuela's oil industry. Although Ehrsam has no prior experience in the oil and gas industry, Primavera signed a blockchain production participation contract with Venezuela's state oil company, PDVSA, on September 2nd. WSJ states that Ehrsam is becoming one of the unexpected participants in the context of the United States' efforts to reinvest capital in Venezuela's oil industry.