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.