Glassnode Sells Crypto Tax Platform Accointing to Blockpit

Glassnode shifts focus to Digital Asset Intelligence Solutions and DeFi data

Crypto data platform Glassnode has announced the sale of its crypto tax platform, Accointing, to European crypto compliance provider Blockpit. Although the size of the deal was not disclosed, it has been described as a multimillion-dollar transaction. Glassnode's decision to sell Accointing comes as the company aims to concentrate on delivering new Digital Asset Intelligence Solutions to its institutional clients and expanding its presence in the decentralized finance (DeFi) data sector. By equipping institutions with DeFi data and tools, Glassnode hopes to assist them in navigating the rapidly growing DeFi space.

Blockpit strengthens its position in the crypto tax platform market

Blockpit, which merged with German rival Cryptotax in 2020, has further solidified its ambition to create a consolidated and unified crypto tax platform for Europe through the acquisition of Accointing. Users of Accointing will be able to seamlessly migrate their profiles and data to a new Blockpit account. With this acquisition, Blockpit can now focus its resources on developing a unified platform and introducing more features to enhance user experience.

Strategic timing ahead of upcoming regulations

The timing of this deal is strategic, as upcoming regulations such as the Crypto-Asset Reporting Framework (CARF) and the Directive on Administrative Cooperation (DAC8) will require crypto asset service providers to report user data and transaction data to tax authorities starting in 2026. These regulations are expected to bolster the enforcement and prosecution of tax fraud in the crypto space. DAC8, which was adopted in October 2023, grants tax collectors the jurisdiction to monitor and evaluate cryptocurrency transactions within the EU.