In a major development, Blockpit has acquired Accointing, the crypto tax platform of Glassnode, in a multimillion-dollar deal. This acquisition will allow Blockpit to consolidate its position as a unified European crypto tax platform, following its earlier merger with Cryptotax. The similarity between Blockpit and Accointing presents an ideal opportunity for the acquisition, with plans to shut down the Accointing infrastructure leading to increased cash flow without additional costs.
Accointing users can transition their profiles over to Blockpit, effectively doubling its revenue. CEO Florian Wimmer discussed forthcoming regulations such as the Common Reporting Standard for Automatic Exchange of Information (CARF) and Directive on Administrative Cooperation (DAC8), which will impose stricter reporting requirements on crypto service providers from 2026 onward. These regulations will enhance enforcement against tax fraudsters and grant tax collectors jurisdiction over all cryptocurrency transactions within EU member states.
Meanwhile, Glassnode is shifting its focus from crypto tax projects to institutional investors and Decentralized Finance (DeFi). The sale of Accointing enables Glassnode to restructure its infrastructure for developing digital asset intelligence solutions. Glassnode plans to leverage its expertise in Bitcoin and Ethereum on-chain data within the digital asset ecosystem.
In summary, this deal marks a strategic pivot for both companies. While Blockpit fortifies its role in the crypto tax compliance market, Glassnode aims to facilitate navigation within the DeFi space for institutions with its new solutions. The changes come at a time when regulatory scrutiny is set to increase in the cryptocurrency sector.
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