Big news in the crypto intelligence industry as cryptocurrency intelligence powerhouse Glassnode just made a strategic pivot as they are stepping away from the cryptocurrency tax space.
On the 7th of November, Glassnode announced that they are bidding farewell to their cryptocurrency tax platform Accointing. And stepping into the plate is none other than European crypto compliance provider Blockpit.
About the Deal
The terms of the deal were not disclosed and kept their numbers under wraps. Glassnode will exit the crypto tax space with the sale appointed to Blockpit.
Glassnode acquired Accointing in October 2022 to expand its product portfolio and provide its users with a more comprehensive suite of crypto tools. But Glassnode has decided to shift its focus to developing new digital asset intelligence solutions targeting institutional investors and decentralized finance (DeFi).
“After having built the leading on-chain data platform for Bitcoin and Ethereum, we are currently expanding our offering into DeFi. Our aim is to equip instructions with DeFi data and tools that help them to trade in and navigate the DeFi space,” a representative from Glassnode stated.
Read: Tax Strategies for Minimizing Crypto Tax Liability
About Glassnode
Glassnode built their reputation for its in-depth market insights and advanced analytical tools. The company was founded in 2017 and became a trusted on-chain source for institutional investors, hedge funds, research firms and retail traders.
Glassnode’s core products consist of on-chain data feeds, visualizations and analytical tools that entitles users to gain more understanding of Bitcoin’s and Ethereum’s networks and the overall crypto market. They also provide insights into several aspects of blockchain activity, including network usage, transaction flows, supply dynamics and miner behavior.
Read: Understanding Cryptocurrency Taxation in Switzerland: A Comprehensive Guide
About Blockpit
Blockpit is a European crypto tax software provider that was also founded in 2017 offering tax reporting solutions for individuals and businesses that trade or hold cryptocurrencies. The company’s software supports 50+ crypto exchanges and wallets and it can generate tax reports in different formats. They also provide tax advice and support from experienced tax consultants.
Read: Countries With The Best Crypto Tax Laws In 2023
Final Thoughts
Accointing users will be able to easily migrate their profiles and data to a new Blockpit account and Blockpit will continue to develop and support the newly acquired platform.
Blockpit played a role in promoting crypto tax compliance among European crypto investors and its well-rounded solutions and importance on user-friendliness made it an accessible and trusted choice for managing crypto taxes in the region.