FalconX, an institutionally minded cryptocurrency trading desk, reached unicorn status Tuesday with a $210 million series C funding round led in part by Tiger Global.

• The three-year-old Chicago-based firm said it is now valued at $3.75 billion. It received lead backing from Tiger Global, Altimeter Capital, Sapphire Ventures and B Capital Group, and got additional funding from an array of earlier investors including Coinbase Ventures, Fidelity’s ventures fund, Accel and Avon.
• “As institutional investors continue entering the cryptocurrency market, FalconX has significantly scaled its business and product lines to meet their needs,” said Scott Shleifer, a partner at Tiger Global Management, which had led FalconX’s previous funding round, in a statement. He said the red-hot VC firm was “doubling down” on FalconX.
• The round adds fuel to FalconX’s institutional growth at a time of buzzy expansion in the crypto industry. FalconX said in a press statement that revenue has increased by 30 times, year over year. 
• The new funding will bolster FalconX product lines, which include trading services, credit and clearing; allow it to hire key executives; and help the company pursue acquisitions, the firm said.