Crypto Intelligence Firm Glassnode Shifts Focus to DeFi and Institutional Solutions, Sells Accointing

Crypto Intelligence Firm Glassnode Shifts Focus to DeFi and Institutional Solutions, Sells Accointing

Crypto News – After its acquisition of the crypto tax platform Accointing in October 2022, Glassnode has made the strategic decision to divest from crypto tax-related projects and refocus its efforts on developing solutions tailored to institutional investors and the decentralized finance (DeFi) sector.

On November 6, Glassnode announced the sale of its crypto-focused tax platform, Accointing, to the European crypto compliance provider Blockpit. While the financial details of the deal remain undisclosed, both parties confirmed that it is a multimillion-dollar transaction.

A spokesperson for Glassnode stated, “With the sale of Accointing to Blockpit, Glassnode will be exiting the crypto tax space.” This move allows Glassnode to intensify its dedication to delivering innovative Digital Asset Intelligence Solutions to its institutional clients.

Over the past few months, Glassnode has undertaken substantial infrastructure adjustments, enabling its expansion into DeFi data solutions and other areas within the digital asset ecosystem. As a company that previously established itself as a leading on-chain data platform for Bitcoin and Ethereum, Glassnode is now focusing on diversifying its product offerings within the DeFi space. Their goal is to provide institutions with DeFi data and tools that facilitate trading and navigation within the DeFi landscape.

This decision to sell Accointing comes just one year after Glassnode’s initial acquisition of the platform, which aimed to integrate tax-reporting compliance tools into its services in October 2022.

For Blockpit, this acquisition represents a strategic move towards consolidating and unifying crypto tax platforms in Europe, building on their previous merger with the German competitor, Cryptotax, in 2020. Blockpit’s co-founder and CEO, Florian Wimmer, emphasized the seamless transition for Accointing users, who can easily migrate their profiles and data to a new Blockpit account within a matter of minutes. This consolidation of resources will enable Blockpit to focus on developing a unified platform with enhanced features and a superior customer experience. Furthermore, it will lead to a significant increase in cash flow for Blockpit, as they plan to phase out the Accointing infrastructure.

The timing of this deal aligns with forthcoming regulations, such as the Crypto-Asset Reporting Framework (CARF) and the Directive on Administrative Cooperation (DAC8). Starting in 2026, all crypto asset service providers, including custodians, exchanges, and brokerages, will be obliged to report user Know Your Customer (KYC) data alongside transaction data to tax authorities. According to Wimmer, these impending regulations are poised to significantly enhance the enforcement and prosecution of tax-related misconduct.

Formally adopted in October 2023, DAC8 empowers tax authorities to monitor and evaluate every cryptocurrency transaction conducted by individuals or entities within any EU member state.