Cryptocurrency intelligence company Glassnode has said it will abandon projects related to cryptocurrency taxes to focus on new solutions aimed at institutional investors and decentralized finance (DeFi).
Glassnode announced on November 6 the sale of its cryptocurrency-focused tax platform known as Accointing to European cryptocurrency compliance provider Blockpit. The companies declined to disclose the size of the deal to Cointelegraph, only revealing that the transaction was a "multi-million dollar deal."
โGlassnode will exit the crypto tax space with the sale of Accointing to Blockpit,โ a spokesperson said, adding that the deal allows the company to deepen its focus on offering new digital asset intelligence solutions to its institutional clients.
โWe have used the last few months to remodel our infrastructure, which will allow us to move into DeFi data solutions and expand into other areas of the digital asset ecosystem in the future,โ the Glassnode representative noted, adding:
โHaving built the leading on-chain data platform for Bitcoin and Ethereum, we are currently expanding our product offering to DeFi. Our goal is to equip institutions with DeFi data and tools that help them trade and navigate the DeFi space.โ
The transaction came just a year after Glassnode. acquired Aiming to introduce tax compliance tools to its platform in October 2022.
The acquisition of Accointing marks another foray by Blockpit to merge with competitors, as the platform has previously done. merged with rival German platform Cryptotax in 2020. With the latest acquisition, Blockpit reiterated its ambition and vision for a consolidated and unified crypto tax platform for Europe.
โDue to the very similar nature of the Blockpit and Accointing platform, the acquisition is really a perfect opportunity,โ Blockpit co-founder and CEO Florian Wimmer told Cointelegraph.
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Wimmer said Accointing users could โeasily migrate their profiles and dataโ to a new Blockpit account, which he promised would take just a few minutes. The account migration will allow Blockpit to focus all of its joint resources on developing a unified platform, offering more features and delivering a better customer experience, the CEO said, adding:
โAt the same time, Blockpit is doubling its revenue without increasing cost, as we will be shutting down Accointing infrastructure in the near term, greatly increasing our cash flow.โ
The timing of the agreement is also perfect, Wimmer said, referring to upcoming regulations such as the Crypto Asset Reporting Frameworkor CARF, and the crypto tax filing rule known as Directive on administrative cooperationor DAC8.
"Starting in 2026, all cryptoasset service providers, including custodians, exchanges, brokerages and others, will be required to report users' Know Your Customer data along with transaction data to tax authorities," Wimmer pointed out. According to the executive, the upcoming regulations "will greatly increase law enforcement and the prosecution of tax fraudsters."
Formally adopted in October 2023, DAC8 aims to give tax collectors the jurisdiction to monitor and assess every cryptocurrency transaction made by individuals or entities within any other EU member state.
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