Cryptocurrency intelligence agency Glassnode has stated it’s dropping crypto tax-related tasks to give attention to new options focusing on institutional buyers and decentralized finance (DeFi).
Glassnode, on Nov. 6 introduced the sale of its crypto-focused tax platform often known as Accointing to the European crypto compliance supplier Blockpit. The companies declined to reveal the dimensions of the deal to Cointelegraph, solely revealing that the transaction was a “multimillion-dollar deal.”
“Glassnode will exit the crypto tax area with the sale of Accointing to Blockpit,” a spokesperson stated, including that the deal permits the agency to deepen its give attention to delivering new Digital Asset Intelligence Options to its institutional purchasers.
“We have now used the final months to reshape our infrastructure, enabling our transfer into DeFi knowledge options and expansions into different digital asset ecosystem areas sooner or later,” Glassnode consultant famous, including:
“After having constructed the main on-chain knowledge platform for Bitcoin and Ethereum, we’re presently increasing our product providing into DeFi. Our intention is to equip Establishments with DeFi knowledge and instruments that assist them to commerce in and navigate the DeFi area.”
The transaction got here only a yr after Glassnode acquired Accointing to introduce tax-reporting compliance instruments into its platform in October 2022.
The acquisition of Accointing marks one other foray by Blockpit into merging with rivals, because the platform beforehand merged with the German rival platform Cryptotax in 2020. With the most recent acquisition, Blockpit reiterated its ambition and imaginative and prescient for a consolidated and unified crypto tax platform for Europe.
“Because of the very comparable nature of the Blockpit and Accointing platform, the acquisition actually is an ideal alternative,” Blockpit co-founder and CEO Florian Wimmer informed Cointelegraph.
Wimmer stated that Accointing customers may “simply migrate their profiles and knowledge” to a brand new Blockpit account, which he promised would take just some minutes. The account migration will permit Blockpit to focus all their joint assets on creating a unified platform, ship extra options and supply a greater buyer expertise, the CEO stated, including:
“On the identical time, Blockpit is doubling its income with out growing the associated fee — as we are going to shut down the Accointing infrastructure within the quick time period — massively growing our money circulate.”
The deal’s timing can be excellent, Wimmer stated, referring to the upcoming rules just like the Crypto-Asset Reporting Framework, or CARF, and the crypto tax reporting rule often known as the Directive on Administrative Cooperation, or DAC8.
“Beginning 2026, all crypto asset service suppliers, together with custodians, exchanges, brokerages and others, will likely be compelled to report person Know Your Buyer knowledge alongside transaction knowledge to tax authorities,” Wimmer famous. Based on the exec, the upcoming rules will “massively improve the enforcement and prosecution of tax fraudsters.”
Formally adopted in October 2023, DAC8 goals to grant tax collectors the jurisdiction to watch and consider each cryptocurrency transaction carried out by people or entities inside some other member state of the EU.