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 trading volume increased 12 times over and its net revenue spiked 46 times 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.