An ICO, or Initial Coin Offering, is an unregulated means of raising funds for a new cryptocurrency venture. It is similar to crowdfunding, but instead of raising funds through donations, companies offer a variety of cryptographically secured digital tokens that can be used as either a currency or a form of investment. In most cases, these tokens are exchanged for fiat or other cryptocurrencies and the proceeds from the ICO are used to finance the development of the project.