An ITO, or Initial token Offering, is the next generation of capital formation for businesses. It is similar to other securities offerings, but rather than receiving a stock certificate or note, investors receive digital representations of their investment, called "tokens" which may, at some time in the future, be exchangeable on one or more approved token exchanges. Tokens can represent a share of ownership in a company or provide other forms of value such as debt, the right to receive a share of revenue or provide the holder with access to certain products, rights or services. The purchase of tokens involves a high degree of risk, including the risk of a total loss of your purchase price. Please review "Is an investment in an ITO appropriate for me" prior to making an investment.