Prominent blockchain analytic platform Glassnode is exiting the crypto tax-related projects space by selling Accointing to the European crypto compliance provider Blockpit.
In a statement, Blockpit expressed that it finds the similarity between these businesses particularly “attractive.”
This decision comes approximately a year after Glassnode acquired Accointing.com, a crypto tax and portfolio tracking platform. The original objective was to offer users of both platforms a consolidated portfolio tracking solution after integrating Accointing.com.
Blockpit has taken over the company in a deal estimated to be worth “multi-million dollars.” Blockpit also anticipates that this acquisition will play a pivotal role in shaping the future of the European Crypto Tax Compliance landscape.
Although the Accointing.com platform will be discontinued at the end of January next year, the process for its users to transfer their data to a Blockpit account is straightforward and can be accomplished with just a few clicks.
Furthermore, Accointing users, regardless of whether they had previously purchased a license, will be entitled to free Blockpit unlimited licenses for all tax years before 2023, as per the official announcement. This approach aims to provide everyone with an opportunity to experience Blockpit’s streamlined user interface and performance and develop an affinity for its platform.
This merger is also expected to strengthen Europe’s position in the crypto tax landscape. The combination of Blockpit with the German competitor Cryptotax in 2020, and now the Swiss company Accounting, established a “clear leader” in Central Europe in this field.
Weighing on the development, Florian Wimmer, CEO and co-founder of Blockpit, stated,
“We’ve been well aware of Accointing over the past years, as they have always shared similar ambitions as Blockpit. This opportunity to bundle our forces in anticipation of the upcoming regulatory enforcement of crypto tax laws emerged at just the right time.”
The acquisition is strategically timed in anticipation of upcoming crypto tax regulations in the European Union.
Last month, the European Parliament approved a set of fresh regulations referred to as the Eighth Directive on Administrative Cooperation (DAC8). These regulations require cryptocurrency firms to disclose customer holdings data, which will be automatically exchanged among tax authorities.
European Union member states are required to incorporate these rules into their systems by December 31, 2025, and they will come into full effect on January 1, 2026.