Cryptocurrency analytics company Glassnode has announced its decision to divest its crypto taxation venture to concentrate on developing new offerings tailored for institutional investors and the decentralized finance (DeFi) sector.
On November 6, Glassnode disclosed the divestiture of its tax solution, Accointing, to Blockpit, a European company specializing in cryptocurrency compliance. While the financial details of the deal were kept confidential, it was described to Cointelegraph as a multimillion-dollar transaction.
A spokesperson for Glassnode confirmed the company’s strategic exit from the cryptocurrency taxation arena, emphasizing that selling Accointing to Blockpit would allow Glassnode to intensify its efforts on crafting advanced Digital Asset Intelligence Solutions aimed at institutional clientele.
The representative highlighted Glassnode’s recent infrastructure overhaul as a strategic pivot to embrace DeFi data services and potential forays into other segments of the digital asset ecosystem, stating: “The last few months have been pivotal in restructuring our foundation to support our entrance into DeFi data offerings and other expansions in the digital asset space.”
This sale occurs one year after Glassnode’s initial acquisition of Accointing in October 2022, when it sought to integrate tax-reporting tools into its suite of services.
For Blockpit, acquiring Accointing represents a continued pattern of consolidation, following a previous merger with German competitor Cryptotax in 2020. This latest acquisition aligns with Blockpit’s vision to establish a streamlined and comprehensive crypto taxation platform across Europe.
Blockpit’s co-founder and CEO, Florian Wimmer, expressed to Cointelegraph that the compatibility of Accointing with Blockpit presents an optimal merger opportunity. He assured that transitioning accounts from Accointing to Blockpit would be a swift process, contributing to a unified platform that aims to deliver enhanced features and improved user experience. He added:
“Moreover, this move will double Blockpit’s revenue without a corresponding rise in costs as we plan to decommission Accointing’s infrastructure soon, which will significantly boost our cash flow.”
Wimmer also acknowledged the impeccable timing of the acquisition, referring to the impending introduction of new regulations like the Crypto-Asset Reporting Framework (CARF) and DAC8, which will require crypto service providers to report client KYC and transaction data to tax authorities starting from 2026, thereby intensifying scrutiny and potential legal action against tax evasion.
The Directive on Administrative Cooperation (DAC8), which was officially ratified in October 2023, is set to expand tax authorities’ oversight capabilities across the EU, enabling them to monitor and assess all cryptocurrency transactions by both individuals and entities.
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