In a public IEO, just about anyone can participate, but in an IEO only members of that given exchange can purchase the tokens. That said, there’s little stopping you from joining an exchange if you’re interested in a specific coin due to be released, so there aren’t really creating any hurdles for the average retail investor.
In some instances it might actually be easier buying into an IEO than an IEO. Rather than having to go through the specific steps of each individual IEO, you just follow the standard procedure for buying and storing tokens from that given exchange. In many ways, it standardizes the process from offering to offering, as the exchange sets the terms of purchase.
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