Cryptocurrency intelligence firm Glassnode has decided to shift its focus away from cryptocurrency taxation projects and redirect its efforts towards developing new solutions for institutional investors and decentralized finance (DeFi). On November 6, Glassnode announced the sale of its cryptocurrency tax platform, Accointing, to the European cryptocurrency compliance provider Blockpit in a deal valued at an undisclosed amount, characterized as a "multi-million dollar deal."
Glassnode's spokesperson shared that the company has chosen to exit the cryptocurrency tax sector by divesting Accointing to Blockpit, thus allowing Glassnode to concentrate on delivering innovative digital asset intelligence solutions tailored for institutional clients. The company has been working on revamping its infrastructure to facilitate its expansion into the DeFi data solutions sector and other segments of the digital asset ecosystem. Glassnode, renowned for building a prominent on-chain data platform for Bitcoin and Ethereum, now aims to provide institutions with DeFi data and tools to enhance their trading strategies and navigate the DeFi landscape.
The sale of Accointing to Blockpit comes approximately one year after Glassnode's acquisition of Accointing in October 2022, a move that aimed to integrate tax reporting compliance tools into Glassnode's platform. Notably, this transaction reflects Blockpit's strategy of consolidating its position in the industry by merging with competitors. Blockpit had previously merged with its German rival, Cryptotax, in 2020. The acquisition of Accointing is aligned with Blockpit's vision to establish a unified cryptocurrency tax platform for the European market. Blockpit's CEO, Florian Wimmer, emphasized that Accointing users can effortlessly migrate their profiles and data to a new Blockpit account, a process that is expected to be completed within minutes. Wimmer outlined that this account migration will empower Blockpit to focus its resources on developing a unified platform, offering enhanced features and a superior customer experience.
Moreover, the timing of this deal is fortuitous, considering the upcoming Crypto-Asset Reporting Framework (CARF) and the cryptocurrency tax reporting regulations known as the Administrative Cooperation Directive (DAC8). Wimmer explained that, starting in 2026, all cryptocurrency service providers, including custodians, exchanges, brokerage firms, and more, will be obligated to furnish user know-your-customer data and transaction data to tax authorities. This regulatory development is expected to bolster enforcement efforts and the prosecution of tax-related offenses in the cryptocurrency sector.
DAC8, which was officially adopted in October 2023, will grant tax authorities jurisdiction over the regulation and assessment of all cryptocurrency transactions conducted by individuals or entities in any other European Union member state.
