Glassnode has recently decided to sell its crypto tax Accounting platform to Blockpit. The firm had recently acquired the platform in October last year, and its recent move has targeted its goals of focusing on decentralized finance (DeFi) as well as institutional offerings.
Glassnode developments are among the current happenings in the crypto market, and the move by the cryptocurrency data intelligence platform has been to assist its stride in solving issues in institutional investment. The firm reported dropping its crypto tax-related project.
Glassnode proceeding to drop its Bitcoin tax software
On November 6, Glassnode announced the sale of its crypto-focused tax project that’s called Accointing. The crypto intelligence firm intends to translate with Blockpit, a European crypto compliance organization. However, details on this deal have been kept private as Glassnode refused to disclose the amount of the sale, just stating that “It’s a multimillion-dollar deal.”
One of the firm’s spokespersons explained that the deal would assist the organization in deepening its primary focus on delivering new services to institutional clients relating to Digital Asset Intelligence Solutions. Glassnode stated:
Glassnode will exit the crypto tax space with the sale of Accointing to Blockpit. We have used the last months to reshape our infrastructure, enabling our move into DeFi data solutions and expansions into other digital asset ecosystem areas in the future.Glassnode
Additionally, the transaction comes in after acquiring the Accointing platform mid of the last quarter of 2022. The sale to Blockpit adds to its milestone achievements as it continues to merge with its competitors.
Among its recent mergers was with Crytotax in 2020, a German rival firm. Following its latest acquisition, Blockpit has affirmed its ambition on its mission for a unified and consolidated Europe crypto tax firm. The Glassnode rep also added:
After having built the leading on-chain data platform for Bitcoin and Ethereum, we are currently expanding our product offering into DeFi. Our aim is to equip Institutions with DeFi data and tools that help them to trade in and navigate the DeFi space.Glassnode
Blockpit’s comments on the awaited sale
Blockpit was also quoted on the recent development, but still, no details on the worth of the traction were made. However, Florian Wimmer, Blockpit’s co-founder, stated:
Due to the very similar nature of the Blockpit and Accointing platform, the acquisition really is a perfect opportunity.Florian Wimmer
Wimmer added that users of the Accointing platform could migrate their profits and profile data easily to new Blockpit accounts. He also insisted that the service would only take a few minutes.
The Europe crypto platform highlighted that this migration will assist the platform’s focus on all its resources in a joint effort to develop a unified project. It intends to serve more features that cannot offer better experiences for its customers. Wimmer added:
At the same time, Blockpit is doubling its revenue without increasing the cost — as we will shut down the Accointing infrastructure in the short term — massively increasing our cash flow.Florian Wimmer
According to the Blockpit CEO, the timing of the deal is perfect. This is because of the upcoming regulations, including the Crypto-Asset Reporting Framework (CARF) as well as the Directive on Administrative Cooperation (DAC8), which is a crypto tax reporting policy.
The DAC8 rule that was adopted in October 2023 targets granting tax collectors jurisdictional power, allowing them to monitor, analyze, and evaluate all crypto transactions. The Blockpit executive also said:
Starting 2026, all crypto asset service providers, including custodians, exchanges, brokerages, and others, will be forced to report user Know Your Customer data alongside transaction data to tax authorities.Blockpit
Wimmer lamented that the awaited regulations will “massively increase the enforcement and prosecution of tax fraudsters.”