An Initial Exchange Offering, commonly referred to as an IEO, is a fundraising event that is administered by a crypto currency exchange. In contrast to an Initial Coin Offering (ICO) where the project conducts the fundraising, an Initial Exchange Offering means that the fundraising will be conducted on a crypto currency exchange’s fundraising platform (under their jurisdiction) where Users can purchase tokens directly from their own exchange wallet. Initial exchange offerings became popular in the wake of the ICO market’s collapse, with Binance listing many of the most profitable IEO projects. May was last year’s high point for tier-one exchanges, with eight IEOs launching across Binance, Okex, Huobi, Bittrex and Kucoin. During 2019-20, IEOs collectively raised over $10.5 billion.