Facebook is getting into the cryptocurrencies, but it won’t be calling the new offering Zuck bucks.
The social media giant plans to launch an offering called Libra to move into the global payments arena. Facebook is eyeing a roll out of the initial coin offering in about a year.
The company led by Mark Zuckerberg did not elaborate on valuation of the offering. As Facebook is facing billions of dollars in fines from Washington for violating users privacy, it will face global regulatory scrutiny because of the move into new lightly-regulated cryptocurrencies.
Facebook shares were actively traded in pre-market action, gaining 2.6 percent to $194.