Pre-Launch Coin Trading?

[jmanjohns]

Hey everyone,

Can someone help me understand how "pre-launch" token trading works? I noticed that some markets are trading "pre-launch" tokens which clearly aren't the post-ICO ERC20 tokens from a particular projects... so it's got to be something else. Could someone please help me understand how this works? Is there a widely accepted token exchangeable for unissued token out there? E.g., I sell a token that can be exchanged for other ERC20 tokens when I get them?

If anyone has a link or guide on how to get in on these markets (like on HitBTC), would be much appreciated!