Cryptocurrency intelligence agency Glassnode has stated 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 generally known as Accointing to the European crypto compliance supplier Blockpit. The companies 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 house with the sale of Accointing to Blockpit,” a spokesperson stated, including that the deal allows the agency to deepen its give attention to delivering new Digital Asset Intelligence Options to its institutional purchasers.
“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 purpose 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 12 months 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 newest acquisition, Blockpit reiterated its ambition and imaginative and prescient for a consolidated and unified crypto tax platform for Europe.
“As a result of very related 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 stated 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 enable Blockpit to focus all their joint sources on growing a unified platform, ship extra options and provide a greater buyer expertise, the CEO stated, including:
“On the similar time, Blockpit is doubling its income with out growing the price — as we are going to shut down the Accointing infrastructure within the brief time period — massively growing our money stream.”
The deal’s timing can also be excellent, Wimmer stated, referring to the upcoming laws 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, might be compelled to report person Know Your Buyer information alongside transaction information to tax authorities,” Wimmer famous. Based on the exec, the upcoming laws will “massively improve 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 another member state of the EU.
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