Coinbase Co-Founder Ersham Meets Venezuelan Officials

Fred Ersham, co-founder of Coinbase, traveled to Venezuela this month and met with Venezuelan and U.S. officials, including interim president Delcy Rodriguez and U.S. Interior Secretary Doug Burgum, to propose investments in fintech, payments and energy.

Ersham, who also co-founded venture firm Paradigm and is estimated to be worth about $2.6 billion, has visited Venezuela several times as the country seeks to rejoin global markets. He appeared at a technology event hosted by state-owned Banco de Venezuela and told attendees the nation could become “the best country in Latam.” In private meetings with business leaders he described local assets as “deeply undervalued.”

Executives from Erebor Bank outlined a proposal to link Venezuela’s banking system with international correspondent banking lines and to create sub-accounts for clients to ease cross-border flows. Jacob Hirshman, Erebor’s co-founder, presented the concept to Luis Perez, the newly appointed head of Venezuela’s central bank.

Venezuelans have increasingly used cryptocurrencies and stablecoins for everyday payments and remittances, often accessing dollar-pegged tokens through exchanges such as Binance. That use of digital assets has built an alternative financial infrastructure inside the country and attracted interest from firms that provide regulated institutional services.

No formal agreements were announced after the meetings. Participants described the contacts as exploratory and early-stage, focused on assessing risks, regulatory requirements and the steps needed to move funds, set up payment rails and pursue energy and gas projects.

Market participants discussed offering custody, compliance and payment services to meet local needs if regulatory and political barriers are addressed. Proposals such as Erebor’s aim to bridge Venezuela’s isolated financial system with correspondent lines and sub-accounts during a transition period.