An initial coin offering (ICO) or initial currency offering (derived form initial public offering) is a means of crowdfunding centered around cryptocurrency,^[1][2] which can be a source of capital for startup companies.^[3] In an ICO, a quantity of the crowdfunded cryptocurrency is sold to investors in the form of “tokens”, in exchange for legal tender or other cryptocurrencies such as bitcoin or ethereum. These tokens supposedly become functional units of currency if or when the ICO’s funding goal is met and the project launches.