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A presale (also known as a “private sale” or “pre-ICO”) refers to the sale of a token that takes place before the official initial coin offering (ICO) or initial exchange offering (IEO). Presales are typically only open to a select group of investors, such as venture capitalists, accredited investors or strategic partners.

During a presale, investors can purchase the cryptocurrency or token at a discounted price, before it becomes available to the general public. This can provide an opportunity for early investors to gain a higher return on investment (ROI) when the cryptocurrency or token is later listed on an exchange and its value increases.