ICO (An Initial Coin Offering) is a crowdfunding event to raise money for a new cryptocurrency asset, company, or venture.
An Initial Coin Offering (also called an Initial Token Offering, or ITO) starts with a whitepaper which details what the new venture seeks to achieve, and what need the venture will fill once completed. Like a business plan.
If the team meets the minimum requested amount, they determine a final selling price per coin/token, finalize sales, and release the funds to themselves to start or complete the venture. The coins/tokens are, at this point, seen as the equivalent of an IPO share.
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