Cryptocurrency intelligence agency Glassnode has mentioned it’s dropping crypto tax-related initiatives to give attention to new options concentrating on institutional buyers and decentralized finance (DeFi).
Glassnode, on Nov. 6 introduced the sale of its crypto-focused tax platform referred to as Accointing to the European crypto compliance supplier Blockpit. The corporations 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 house with the sale of Accointing to Blockpit,” a spokesperson mentioned, including that the deal permits the agency to deepen its give attention to delivering new Digital Asset Intelligence Options to its institutional shoppers.
“Now we have used the final months to reshape our infrastructure, enabling our transfer into DeFi information options and expansions into different digital asset ecosystem areas sooner or later,” Glassnode consultant famous, including:
“After having constructed the main on-chain information platform for Bitcoin and Ethereum, we’re at present increasing our product providing into DeFi. Our goal is to equip Establishments with DeFi information and instruments that assist them to commerce in and navigate the DeFi house.”
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 newest 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.
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Wimmer mentioned that Accointing customers may “simply migrate their profiles and information” to a brand new Blockpit account, which he promised would take only a few minutes. The account migration will permit Blockpit to focus all their joint assets on growing 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 growing the associated fee — as we’ll shut down the Accointing infrastructure within the brief time period — massively growing our money circulation.”
The deal’s timing can be excellent, Wimmer mentioned, referring to the upcoming rules just like the Crypto-Asset Reporting Framework, or CARF, and the crypto tax reporting rule referred to 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 pressured to report person Know Your Buyer information alongside transaction information to tax authorities,” Wimmer famous. In keeping with the exec, the upcoming rules will “massively enhance 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 every other member state of the EU.
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