Glassnode, a cryptocurrency intelligence firm, has announced its decision to discontinue its involvement in crypto tax-related projects and instead concentrate on delivering new solutions aimed at institutional investors and the decentralized finance (DeFi) sector.
On November 6, Glassnode revealed the sale of its crypto-focused tax platform, Accointing, to the European crypto compliance provider, Blockpit. While the specific financial details of the deal were not disclosed, it was confirmed to be a “multimillion-dollar deal.”
A Glassnode spokesperson explained the strategic shift, stating, “Glassnode will exit the crypto tax space with the sale of Accointing to Blockpit.” This move will allow Glassnode to intensify its commitment to providing new Digital Asset Intelligence Solutions tailored to institutional clients.
The representative further elaborated, “We have used the last months to reshape our infrastructure, enabling our move into DeFi data solutions and expansions into other digital asset ecosystem areas in the future. After having built the leading on-chain data platform for Bitcoin and Ethereum, we are currently expanding our product offering into DeFi. Our aim is to equip Institutions with DeFi data and tools that help them to trade in and navigate the DeFi space.”
This announcement comes just a year after Glassnode acquired Accointing in October 2022, with the intention of integrating tax-reporting compliance tools into its platform.
The acquisition of Accointing signifies another step for Blockpit in its strategy of merging with competitors, as the platform had previously merged with its German counterpart, Cryptotax, in 2020. With this recent acquisition, Blockpit reaffirms its commitment to creating a consolidated and unified crypto tax platform for Europe.
Blockpit’s co-founder and CEO, Florian Wimmer, emphasized the seamless transition for Accointing users, stating that they could effortlessly migrate their profiles and data to a new Blockpit account in just a few minutes. This migration will allow Blockpit to channel all their combined resources into developing a unified platform, enhancing features, and delivering an improved customer experience. Wimmer highlighted the financial benefit, saying, “At the same time, Blockpit is doubling its revenue without increasing the cost — as we will shut down the Accointing infrastructure in the short term — massively increasing our cash flow.”
Furthermore, the timing of this deal aligns with the anticipation of upcoming regulations such as the Crypto-Asset Reporting Framework (CARF) and the Directive on Administrative Cooperation (DAC8) for crypto tax reporting. Starting in 2026, crypto asset service providers, including custodians, exchanges, brokerages, and others, will be obliged to report user Know Your Customer data alongside transaction data to tax authorities. According to Wimmer, these impending regulations will significantly boost the enforcement and prosecution of tax fraud related to cryptocurrencies.
Formally adopted in October 2023, DAC8 empowers tax authorities to oversee and assess every cryptocurrency transaction conducted by individuals or entities within any other member state of the European Union, further underlining the need for robust crypto tax solutions.