{"id":179815,"date":"2020-12-15T15:56:29","date_gmt":"2020-12-15T13:56:29","guid":{"rendered":"http:\/\/www.etoro.com\/?page_id=179815"},"modified":"2025-09-10T08:47:31","modified_gmt":"2025-09-10T05:47:31","slug":"what-is-an-ico","status":"publish","type":"page","link":"https:\/\/www.etoro.com\/en-us\/crypto\/what-is-an-ico\/","title":{"rendered":"What Is a Crypto ICO?"},"content":{"rendered":"\n<p class=\"is-style-summary\">Initial coin offerings (ICOs) are revolutionizing the crypto space. Instead of going to venture capitalists for early stage funding, new crypto launches are instead offering individual investors a chance to buy into the prospect of their new coin taking off.<\/p>\n\n\n\n<hr class=\"wp-block-separator wp-block-separator-color-dark-grey wp-block-separator-spaces-medium wp-block-separator-weight-1\"\/>\n\n\n\n<p>Initial Coin Offerings (ICOs) have <strong>revolutionized <\/strong>fundraising in the <strong><e-tip data-tooltip=\"A decentralised digital ledger that records information relating to cryptocurrency transactions.\">blockchain<\/e-tip><\/strong> world, offering a new way for projects to raise capital. This guide will walk you through the essentials of what an ICO is, how it operates, the legal considerations, and what to watch out for as a potential investor.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/06\/What-is-an-ICO-Body-Image-1_-How-ICOs-work.png\" alt=\"Image related to Understanding ICOs\" class=\"wp-image-desktop\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Understanding ICOs<\/h2>\n\n\n\n<p><mark>ICOs are a method <strong>used by cryptocurrency projects to raise funds<\/strong>. They are somewhat akin to Initial Public Offerings (IPOs) in the stock market, but with notable differences. Unlike IPOs, which offer shares of a company, ICOs provide investors with tokens related to the project.<\/mark><\/p>\n\n\n\n<p>The <strong><e-tip data-tooltip=\"Assets that represent ownership of a decentralised system such as a blockchain.\">tokens<\/e-tip><\/strong> issued to investors can represent a variety of things, including a <strong>stake in the project, access to a service, or a utility within the ecosystem<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Do ICOs Work?<\/h2>\n\n\n\n<p>When a <a href=\"https:\/\/www.etoro.com\/en-us\/crypto\/blockchain-guide\/\">blockchain<\/a> company is looking to <strong>raise money<\/strong> to start a new project, this company could raise money from investors.&nbsp;<\/p>\n\n\n\n<p>Let\u2019s use a game as an example. Those who decide to invest may receive a game token for investing, and these tokens are used to <strong>power the new game on the blockchain<\/strong>. The chess tokens could be used to play Blockchain Chess, stored, or sold on to other investors.<\/p>\n\n\n\n<p>Here is how an ICO might look from <strong>start to finish:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list\">\n<li>A company <strong>creates an idea<\/strong> for a blockchain-based product or service.<\/li>\n\n\n\n<li><strong>Plans for the ICO are outlined<\/strong> in a <strong><e-tip data-tooltip=\"A technical document that outlines a project\\'s objectives, technology, and plans for development.\">whitepaper<\/e-tip><\/strong> or similar document. This includes how much money will be raised, how many tokens will be issued, who can invest, how the tokens will be distributed, etc.<\/li>\n\n\n\n<li><strong>Plans for the ICO are outlined<\/strong> in a <a href=\"https:\/\/www.etoro.com\/en-us\/crypto\/blockchain-guide\/\" &amp;sa=\"D&amp;source=editors&amp;ust=1749470016715226&amp;usg=AOvVaw0PMIQPKa94SDam75YoTrTF&quot;\">whitepaper<\/a> or similar document. This includes how much money will be raised, how many tokens will be issued, who can invest, how the tokens will be distributed, etc.<\/li>\n\n\n\n<li>The ICO is <strong>marketed <\/strong>via the company website and appropriate social media channels to raise its visibility and public interest.<\/li>\n\n\n\n<li><strong>Investors send funds<\/strong> on or after the date of the ICO in exchange for tokens.<\/li>\n\n\n\n<li>The new <strong>funds are used to grow the business<\/strong> and create or build upon an already existing product.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Are ICOs Legal?<\/h2>\n\n\n\n<p>The legality of the ICO fundraising method has raised eyebrows from regulators. Some believe that even though ICOs tout themselves as raising funds in exchange for fully functioning cryptos, they are really just <strong>skirting securities laws<\/strong> through this technicality. <\/p>\n\n\n\n<p>Countries such as China and South Korea have gone so far as to build a <strong>regulatory framework that bans ICOs altogether<\/strong> in an attempt to not deal with this issue.<\/p>\n\n\n\n<p>In the US, the <strong>Securities and Exchange Commission (SEC)<\/strong> has provided potential investors with <a href=\"https:\/\/www.sec.gov\/ICO\" target=\"_blank\" rel=\"noreferrer noopener\">guidelines<\/a> as to when an ICO needs to be registered as a security. These guidelines generally follow the <e-tip data-tooltip=\"A legal criterion used to determine whether a transaction qualifies as an investment contract under U.S. SEC law.\">Howey Test<\/e-tip>, which is used to determine whether a transaction should be defined as an investment contract.<\/p>\n\n\n\n<p>In the case of digital assets, the <strong>relevant questions <\/strong>may be:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Is there an <strong>investment of money?<\/strong><\/li>\n\n\n\n<li>Is there an <strong>expectation of profits<\/strong> from the investment?<\/li>\n\n\n\n<li>Is there <strong>common enterprise<\/strong> (defined by when the profits of an investor are tied with the success of the company)?<\/li>\n\n\n\n<li>Is the <strong>profit dependent on the efforts of the issuing company?<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>If an ICO meets the criteria of the Howey Test, it is considered a security and subject to SEC or local regulatory body regulations. <\/strong>This test assesses whether there is an investment of money in a common enterprise with an expectation of profits primarily from the efforts of others. <\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip: <\/strong>Protect your interests by staying up to date on the latest regulatory developments in your country regarding ICOs. <\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Risks and Rewards of Investing in ICOs<\/h2>\n\n\n\n<p>Investing in ICOs can be<strong> rewarding but also comes with significant risks<\/strong>. Understanding these aspects is crucial for making informed investment decisions.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/06\/What-is-an-ICO-Body-Image-2_-Are-ICOs-legal_.png\" alt=\"Image related to Risks and Rewards of Investing in ICOs\" class=\"wp-image-desktop\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Benefits of participating in ICOs<\/h3>\n\n\n\n<p>ICOs offer several benefits to investors. They provide <strong>early access to potentially groundbreaking technologies<\/strong> and the opportunity for investment returns if the project succeeds. Additionally, ICOs can democratize investment opportunities, allowing individuals to participate in projects that were once reserved for venture capitalists.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"wp-block-table-content\"><div class=\"wp-block-table-content-nav wp-block-table-content-nav-left\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-left\"><\/div><\/div><div class=\"wp-block-table-content-nav wp-block-table-content-nav-right\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-right\"><\/div><\/div><div class=\"wp-block-table-content-table\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Cryptocurrency Name<\/strong><\/th><th>Ticker<\/th><th>Date of ICO<\/th><th>Funds Raised<\/th><\/tr><\/thead><tbody><tr><td>Ethereum<\/td><td><a href=\"https:\/\/www.etoro.com\/markets\/eth\">ETH<\/a><\/td><td>July &#8211; Sep 2014<\/td><td>$18m<\/td><\/tr><tr><td>EOS<\/td><td><a href=\"https:\/\/www.etoro.com\/markets\/eos\">EOS<\/a><\/td><td>Jun 2017 &#8211; Jun 2018<\/td><td>$4bn<\/td><\/tr><tr><td>Tezos<\/td><td><a href=\"https:\/\/www.etoro.com\/markets\/xtz\">XTC<\/a><\/td><td>July 2017<\/td><td>$232m<\/td><\/tr><tr><td>Polkadot<\/td><td><a href=\"https:\/\/www.etoro.com\/markets\/dot\">DOT<\/a><\/td><td>Oct 2017<\/td><td>$145m<\/td><\/tr><tr><td>Telegram<\/td><td><a href=\"https:\/\/www.etoro.com\/markets\/ton\">TON<\/a><\/td><td>Jan &#8211; Feb 2018<\/td><td>$1.7bn<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Common ICO risks and scams to avoid<\/h3>\n\n\n\n<p>Despite their potential, ICOs carry considerable risks. The lack of regulation makes them susceptible to <strong>scams and fraudulent schemes<\/strong>. Investors should be wary of projects with vague whitepapers, anonymous teams and unrealistic promises. <\/p>\n\n\n\n<p>Conducting <strong>thorough research and due diligence<\/strong> is essential to mitigate these risks. Stay vigilant with tips on avoiding scams in trading.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/06\/What-is-an-ICO-Body-Image-3_-Major-ICO-networks_.png\" alt=\"Image related to ICOs vs IPOs\" class=\"wp-image-desktop\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">ICOs vs IPOs<\/h3>\n\n\n\n<p>The primary distinction between ICOs and IPOs is the <strong>nature of what is being offered<\/strong>. While IPOs involve selling <strong><e-tip data-tooltip=\"A security that represents the ownership of a fraction of an issuing corporation. Also known as stocks and shares.\">equity<\/e-tip><\/strong> in a company, ICOs offer tokens that may not necessarily equate to ownership, but rather utility within a blockchain network.<\/p>\n\n\n\n<p><strong>ICO projects sell their underlying crypto tokens<\/strong> in exchange for other crypto such as <a href=\"https:\/\/www.etoro.com\/markets\/btc\">Bitcoin<\/a> or Ethereum, or <a href=\"https:\/\/www.etoro.com\/crypto\/fiat-vs-crypto\/\">fiat currency<\/a>. This difference allows ICOs to operate with fewer regulatory constraints, though this is changing as governments begin to establish clearer guidelines.<\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip: <\/strong>Before investing in an ICO, check if the token has a clear use case or utility within the project. <\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Final thoughts<\/h2>\n\n\n\n<p>Investing in ICOs can be enticing due to the <strong>potential for returns<\/strong>, but it is crucial to conduct thorough research and understand the associated risks. Always stay updated with regulatory changes to ensure compliance and safeguard your investments.<\/p>\n\n\n\n<p>Learn more about ICOs and cryptocurrency by joining the <a href=\"https:\/\/www.etoro.com\/en-us\/academy\/\" &amp;sa=\"D&amp;source=editors&amp;ust=1749470016731328&amp;usg=AOvVaw1ZTRftTQpXY3b63Bs3Rf3E&quot;\">eToro Academy<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">FAQs<\/h2>\n\n\n\n<dl class=\"wp-block-etoro-faq\">\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">What was the first ICO?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>The first initial coin offering on record was completed by Mastercoin in 2013. While Mastercoin got the ball rolling, it wasn\u2019t until <a href=\"https:\/\/www.etoro.com\/en-us\/crypto\/what-is-ethereum\/\">Ethereum<\/a> raised funds via its own ICO in 2014 that the industry started to take notice. Ethereum was able to raise 3,700 bitcoin \u2014 equivalent to $2.3m at the time \u2014 in just the first 12 hours of its ICO. The Ethereum ICO experiment proved that this new fundraising path was here to stay and paved the way for what was to come.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Are ICOs a scam?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Any good idea can be used in a negative way. This is the story of ICOs. As a good fundraising concept, they have often been co-opted for nefarious purposes. Still, this doesn\u2019t mean that ICOs are all bad. In fact, some of the most successful <a href=\"https:\/\/www.etoro.com\/discover\/markets\/cryptocurrencies\/coins?funnelFromId=71\">cryptos<\/a> started out using this very method, and can lead to huge returns for investors in the process. Just be careful to fully understand how an ICO works before you invest your hard-earned money.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">What are the other ways that crypto platforms raise money?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>There are now further evolutions of fundraising that provide different benefits and drawbacks. IEOs (initial exchange offerings) are similar to ICOs in the sense that a company is still selling a utility token in exchange for funds. However, an IEO is conducted directly via a digital asset exchange, which comes with its own advantages and drawbacks. Then there are STOs (<a href=\"https:\/\/www.etoro.com\/en-us\/crypto\/coins-vs-tokens\/\">security token<\/a> offerings), which are a new way to sell securities via digital assets.<\/p>\n<\/dd><\/div>\n<\/dl>\n\n\n\n\t\t<style>\n\t\t\t.rtl .etoro-block-shortcode-disclaimer {\n\t\t\t\ttext-align:right;\n\t\t\t}\n\t\t\t.etoro-block-shortcode-disclaimer {\n\t\t\t\tmargin-bottom:18px;\n\t\t\t\ttext-align:left;\n\t\t\t}\n\t\t\t.etoro-block-shortcode-disclaimer p{\n\t\t\t\tfont-size: 12px;\n\t\t\t\tline-height: 18px;\n\t\t\t}\n\t\t\t@media (min-width: 768px) {\n\t\t\t\t.etoro-block-shortcode-disclaimer {\n\t\t\t\t\tmax-width:1176px;\n\t\t\t\t\ttext-align:center;\n\t\t\t\t}\n\t\t\t\t.etoro-block-shortcode-disclaimer p {\n\t\t\t\t\tfont-size: 14px;\n\t\t\t\t\tline-height: 20px;\n\t\t\t\t}\n\t\t\t}\n\t\t<\/style>\n\t\t<div class='etoro-block-shortcode-disclaimer'><p>This information is for educational purposes only and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to, buy or sell any financial instruments.<\/p>\n<p>This material has been prepared without regard to any particular investment objectives or financial situation and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. <strong>Not all of the financial instruments and services referred to are offered by eToro<\/strong> and any references to past performance of a financial instrument, index, or a packaged investment product are not, and should not be taken as, a reliable indicator of future results.<\/p>\n<p>eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this guide. Make sure you understand the risks involved in trading before committing any capital. Never risk more than you are prepared to lose.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Initial coin offerings (ICOs) are revolutionizing the crypto space. Instead of going to venture capitalists for early stage funding, new crypto launches are instead offering individual investors a chance to buy into the prospect of their new coin taking off. Initial Coin Offerings (ICOs) have revolutionized fundraising in the blockchain world, offering a new way&hellip;<\/p>\n","protected":false},"author":32,"featured_media":1076445,"parent":126662,"menu_order":410,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"sticky_cta_settings":"","footnotes":""},"asset_type":[],"class_list":["post-179815","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<title>What is a Crypto ICO? | eToro<\/title>\n<meta name=\"description\" content=\"Wondering what a crypto ICO is, and how it may different from an IPO? 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