Cryptocurrency trading startup FalconX on Thursday leveraged 12 months of staggering growth into a $50 million raise.

• Now valued at $675 million, according to Bloomberg, FalconX has seen its trading volume increase 12 times over and its net revenue spike 46x in the past year, the company told CoinDesk.
• Institutional investors contributed mightily to the growth, FalconX said. In a statement, it attributed the spike to "traditional allocators" who seek out "white glove services." That's a market positioned for continued growth, according to the round's co-leader Tiger Global Management.
• B Capital Group co-led the round with participation from Accel, Accomplice VC, American Express Ventures. Coinbase Ventures, CMT Digital, Flybridge Capital Partners, Lightspeed Venture Partners and Fidelity affiliate Avon Ventures.
• "We believe FalconX is positioned to be an industry leader in the institutional cryptocurrency market with many years of sustainable and profitable growth ahead,” said Scott Shleifer, a Partner at Tiger Global.