An Initial Coin Offering (ICO) is a fundraising method in the cryptocurrency industry, similar to an Initial Public Offering (IPO) in traditional finance. Companies seeking to raise capital for new blockchain applications or services can launch an ICO. Interested investors can purchase tokens during the ICO, receiving a new cryptocurrency issued by the company. These tokens may have utility related to the company's product or service or represent a stake in the project. 

Typically, a project launching an ICO creates a document called a "white paper," detailing the project's objectives, required funding, token distribution, and other pertinent information. Investors should thoroughly review this information before participating, as the ICO market is often unregulated, posing risks of encountering fraudulent projects.