Definition ∞ Pre-Launch Capital consists of funds acquired by a cryptocurrency project or startup prior to its official public launch or token generation event. This capital is typically raised from early investors, venture capitalists, or private sales. It is used to finance development, marketing, and initial operational costs.
Context ∞ Securing pre-launch capital is a critical phase for new blockchain projects, determining their initial runway and ability to build out their vision. The terms and conditions of these early investments are closely scrutinized, as they can significantly influence token distribution, project governance, and long-term market dynamics.
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