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Cryptocurrency intelligence agency Glassnode has mentioned it’s dropping crypto tax-related initiatives to deal with new options focusing on institutional buyers and decentralized finance (DeFi).
Glassnode, on Nov. 6 introduced the sale of its crypto-focused tax platform generally known as Accointing to the European crypto compliance supplier Blockpit. The corporations declined to reveal the scale 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 mentioned, including that the deal allows the agency to deepen its deal with delivering new Digital Asset Intelligence Options to its institutional purchasers.
“We’ve got 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 at present 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 opponents, 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 advised Cointelegraph.
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Wimmer mentioned that Accointing customers may “simply migrate their profiles and knowledge” to a brand new Blockpit account, which he promised would take only a few minutes. The account migration will enable Blockpit to focus all their joint sources on creating a unified platform, ship extra options and supply a greater buyer expertise, the CEO mentioned, including:
“On the similar time, Blockpit is doubling its income with out rising the associated fee — as we are going to shut down the Accointing infrastructure within the brief time period — massively rising our money stream.”
The deal’s timing can be good, Wimmer mentioned, referring to the upcoming rules just like the Crypto-Asset Reporting Framework, or CARF, and the crypto tax reporting rule generally known as the Directive on Administrative Cooperation, or DAC8.
“Beginning 2026, all crypto asset service suppliers, together with custodians, exchanges, brokerages and others, will probably be compelled to report person Know Your Buyer knowledge alongside transaction knowledge to tax authorities,” Wimmer famous. In accordance with 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 observe and consider each cryptocurrency transaction carried out by people or entities inside some other member state of the EU.
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