Filecoin's FIL Spikes 30% as South Korean Exchange Upbit Lists the Token

Filecoin's FIL token spiked by 30% after South Korean exchange Upbit started listing FIL trading pairs.

The token rose to as high as $3.49 from $2.71 on Coinbase and was recently trading around $3.00. Daily trading volume increased by 68% to $303 million, according to CoinMarketCap.

Upbit said in a tweet that the FIL/KRW trading pair went live at 07:30 UTC.

Tokens listed on South Korean exchanges often trade at a premium because strict financial controls in Korea means that it is difficult for capital to flow in and out of the country, leading to a lack of arbitrage opportunities.