What is an ICO and why is it important to cryptocurrency?

An ICO (Initial Coin Offering) is a method of crowdfunding for blockchain-based projects, typically performed through the issue of digital tokens. The purpose of an ICO is to raise money that can be used to fund the development and marketing of a particular cryptocurrency project. An ICO is important to the cryptocurrency world because it offers a way for developers to easily raise funds for their projects, while providing investors the opportunity to gain access to cutting-edge projects that may prove to be profitable in the future.