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An Initial Coin Offering (ICO) is an unregulated means through which a new cryptocurrency venture can raise funds. It is a method that startups in the cryptocurrency world can employ to sidestep the rigorous capital raising process which is usually required by venture capitalists and banks.
An ICO campaign can sell a percentage of the company’s cryptocurrency to early backers in exchange for fiat money, legal tenders or through other cryptocurrencies. The most popular cryptocurrencies that are used to make these purchases are Bitcoin (BTC) and Ethereum (ETH).
Generally when a cryptocurrency startup plans to raise money, they will organize an Initial Coin Offering (ICO). They also create a business plan through a whitepaper which will provide in-depth details about the project, their needs and how they plan to fulfill their goals upon completion. It also mentions the amount of capital that is required by the platform and how long will the ICO campaign will run.
In case the money raised does not meet the minimum fund requirements of the company, the funding is returned to the backers and investors and the ICO is unsuccessful. If the money requirements are met within the specified time range, the money is utilized to start the new scheme or complete an existing one.