Initial Coin Offering

"An Initial Coin Offering (ICO) is a fundraising mechanism in the cryptocurrency industry, akin to an Initial Public Offering (IPO) in the traditional financial sector. Companies aiming to gather resources for the creation of a new coin, application, or service can launch an ICO. Participants interested in the project can acquire tokens during the ICO and receive a new cryptocurrency token issued by the company. This token may have utility related to the product or service the company provides or represent a stake in the company or project".

Source: https://www.coinbase.com/learn/tips-and-tutorials/what-are-initial-coin-offerings-and-how-do-they-work#:~:text=An%20Initial%20Coin%20Offering%20(ICO)%20is%20a%20fundraising%20mechanism%20in,service%20can%20launch%20an%20ICO.