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An initial exchange offering or IEO is a crowdfunding strategy that enables crypto projects to fundraise directly, typically up to $10m dollars, on an exchange portal rather than using company websites like an ICO. An IEO differs from a conventional ICO in one key aspect, investors buy tokens from a third-party exchange. Fetch.AI raised $6 million in just 22 seconds in an initial exchange offer, highlighting the potential that exists in the crypto investment market. There are a number of crucial benefits IEOs have over ICOs which can make a big difference to a project's fundraising success.