Cryptocurrency intelligence firm Glassnode has announced that it is shifting its focus away from crypto tax-related projects and instead will be concentrating on new solutions for institutional investors and decentralized finance (DeFi).
On November 6, Glassnode revealed that it had sold its crypto-focused tax platform, Accointing, to European crypto compliance provider Blockpit. The financial details of the deal were not disclosed, but it was described as a multimillion-dollar transaction.
A representative from Glassnode stated that with the sale of Accointing to Blockpit, the firm will be exiting the crypto tax space. This move will allow Glassnode to dedicate itself to delivering digital asset intelligence solutions to its institutional clients.
“After establishing ourselves as the leading on-chain data platform for Bitcoin and Ethereum, we are now expanding our product offering into DeFi. Our goal is to provide institutions with DeFi data and tools to trade and navigate the DeFi space,” said the Glassnode representative.
The sale of Accointing comes only one year after Glassnode acquired the platform in October 2022 to incorporate tax-reporting compliance tools into its services.
This acquisition is another example of Blockpit’s strategy of merging with competitors, as the company previously merged with German rival Cryptotax in 2020. Blockpit aims to create a consolidated and unified crypto tax platform for Europe.
“The acquisition of Accointing is a perfect opportunity due to the similarities between the Blockpit and Accointing platforms,” said Blockpit co-founder and CEO Florian Wimmer. He also noted that Accointing users can easily migrate their profiles and data to a new Blockpit account within minutes, enabling Blockpit to focus on developing a unified platform and providing a better customer experience.
“Simultaneously, Blockpit will double its revenue without increasing costs by shutting down the Accointing infrastructure in the short term, significantly increasing our cash flow,” Wimmer added.
Wimmer also highlighted the timing of the deal, mentioning upcoming regulations such as the Crypto-Asset Reporting Framework (CARF) and the Directive on Administrative Cooperation (DAC8), which pertain to crypto tax reporting. Starting in 2026, crypto asset service providers will be required to report user Know Your Customer data and transaction data to tax authorities, which is expected to greatly impact the enforcement and prosecution of tax fraud.
DAC8 was officially adopted in October 2023 and grants tax collectors jurisdiction to monitor and evaluate cryptocurrency transactions conducted within any member state of the European Union.