Crypto data platform Glassnode sells Bitcoin tax software to Blockpit

MARKET_WATCH Crypto

 Cryptocurrency intelligence firm Glassnode has said it’s dropping crypto tax-related projects to focus on new solutions targeting institutional investors and decentralized finance (DeFi).

 

Glassnode, on Nov. 6 announced the sale of its crypto-focused tax platform known as Accointing to the European crypto compliance provider Blockpit. The firms declined to disclose the size of the deal to Cointelegraph, only revealing that the transaction was a “multimillion-dollar deal.”

 

“Glassnode will exit the crypto tax space with the sale of Accointing to Blockpit,” a spokesperson said, adding that the deal enables the firm to deepen its focus on delivering new Digital Asset Intelligence Solutions to its institutional clients.

 

“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,” Glassnode representative noted, adding:

 

“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.”

 

The transaction came just a year after Glassnode acquired Accointing to introduce tax-reporting compliance tools into its platform in October 2022.

 

The acquisition of Accointing marks another foray by Blockpit into merging with competitors, as the platform previously merged with the German rival platform Cryptotax in 2020. With the latest acquisition, Blockpit reiterated its ambition and vision for a consolidated and unified crypto tax platform for Europe.

 

“Due to the very similar nature of the Blockpit and Accointing platform, the acquisition really is a perfect opportunity,” Blockpit co-founder and CEO Florian Wimmer told Cointelegraph.

 

Wimmer said that Accointing users could “easily migrate their profiles and data” to a new Blockpit account, which he promised would take just a few minutes. The account migration will allow Blockpit to focus all their joint resources on developing a unified platform, deliver more features and offer a better customer experience, the CEO said, adding:

 

“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.”

 

The deal’s timing is also perfect, Wimmer said, referring to the upcoming regulations like the Crypto-Asset Reporting Framework, or CARF, and the crypto tax reporting rule known as the Directive on Administrative Cooperation, or DAC8.

 

“Starting 2026, all crypto asset service providers, including custodians, exchanges, brokerages and others, will be forced to report user Know Your Customer data alongside transaction data to tax authorities,” Wimmer noted. According to the exec, the upcoming regulations will “massively increase the enforcement and prosecution of tax fraudsters.”

 

Formally adopted in October 2023, DAC8 aims to grant tax collectors the jurisdiction to monitor and evaluate every cryptocurrency transaction carried out by individuals or entities within any other member state of the EU.

 

Source : Cointelegraph / November 07, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.