In exchange for Bitcoin or Ethereum, start-ups sell tokens similar to cryptocurrency, which are then supposed to be redeemed for services or early ...
source https://www.google.com/url?rct=j&sa=t&url=https://www.telegraph.co.uk/technology/2018/09/11/cryptocurrency-initial-coin-offerings-securities-us-judge-rules/&ct=ga&cd=CAIyGmM2Nzk3ODA2ZWViNjVjODI6Y29tOmVuOlVT&usg=AFQjCNErxerCEyo74PFPMCAytMrpgT09cw
