An Initial Exchange Offering (IEO) is a fundraising mechanism in the cryptocurrency market. It is similar to an Initial Coin Offering (ICO), but instead of being conducted on the blockchain by the project team themselves, it is conducted on a cryptocurrency exchange. The exchange acts as a middleman, performing due diligence on the project and issuing tokens on behalf of the project team to investors. This can provide a level of assurance to investors that the project is legitimate and that the tokens will be listed on a reputable exchange.