What are initial coin offerings and why are investors flocking to them?

ICOs are typically built on the technology of another cryptocurrency called Ethereum

Initial coin offerings – or ICOs – have become enormously popular with investors. They have raised more than US$1.8 billion so far in 2017 and one recent ICO raised US$35m in under 30 seconds.

But they are proving unpopular with governments around the world. The Chinese and South Korean governments have shut them down, while US regulators have issued a warning that ICOs may be subject to securities laws.

This is all part and parcel of the rise in cryptocurrencies in recent years. Bitcoin is the most