Why does ICO innovate tokens?

Why does ICO innovate tokens? According to Coindesk, the difference between ICO and crowdfunding is that startups issuing tokens need to go through KYC (Know Your Customer) verification by a third-party intermediary before presenting a whitepaper and regulatory framework.

In traditional financial markets, investors can deposit their assets with a custodian. However, due to insufficient funds, they cannot obtain loans or other sources of financing from banks. Therefore, many companies choose to avoid directly investing in cryptocurrencies to mitigate risks. They require users to pay a certain proportion of margin in order to participate in the ICO process. Additionally, blockchain technology provides these early ICOs with an effective exit mechanism, allowing them to leverage the advantages of their platforms to achieve cross-border capital mobility and reduce costs.