It must be said that existing cryptocurrencies do not all fulfill the characteristics of fiat money as a medium of exchange. (olssoncapital.com)
In ICO, a predetermined quantity of the cryptocurrency under view is offered for sale to investors in exchange for fiat money and other established digital money. (techbullion.com)
Also, investors need to have an account with the exchange to be able to purchase the new cryptocurrency with fiat money or other cryptocurrencies. (captainaltcoin.com)