Glassnode Shifts Focus: Goodbye Crypto Tax, Hello DeFi
In a surprising twist that’s got the crypto world buzzing, Glassnode has announced it’s waving goodbye to its crypto tax projects in favor of fresh, shiny solutions aimed squarely at institutional investors and the burgeoning field of decentralized finance (DeFi).
Details on the Deal with Blockpit
On November 6, the firm revealed the sale of its tax platform, Accointing, to the European compliance powerhouse Blockpit. While both companies decided to keep the specifics under wraps, they confirmed it’s a “multimillion-dollar deal” – now that’s what we call a hefty exit fee!
Looking Toward the Future
“With this shift, Glassnode is fully committed to enhancing its Digital Asset Intelligence Solutions for institutional clientele,” a spokesperson from the firm explained. This comes after months of restructuring their infrastructure, readying to dive deep into DeFi data solutions. It seems they’re determined to equip institutions with the tools necessary to navigate the digital asset world – because who doesn’t love a good roadmap?
The Accointing Journey and Blockpit Ambitions
Interestingly, this move marks a full-circle moment for Glassnode, which only a year prior, decided to scoop up Accointing in a bid to bolster tax-reporting compliance. But hey, sometimes you buy, sometimes you sell – it’s all about the dance of the market!
Blockpit’s co-founder and CEO, Florian Wimmer, expressed that the merger with Accointing is an ideal match: “The platforms are quite similar, making this a perfect opportunity.” He couldn’t resist a little jab at user migration either, assuring Accointing users that migrating their profiles would literally just take a few minutes—perfect for those who love efficiency!
The Calm Before the Regulatory Storm
As if the market wasn’t already in a whirlwind, Wimmer pointed out that the timing of this deal is strategically sound – especially with regulations like the Crypto-Asset Reporting Framework (CARF) and the Directive on Administrative Cooperation (DAC8) looming on the horizon. Starting in 2026, all crypto asset service providers must play nice and report user data alongside transaction details. Read: tax authorities on the prowl!
So, with tax fraud in the regulators’ crosshairs, we can expect potential tax criminals to sweat a little more than they already do. The DAC8 regulation, adopted recently, puts tax collectors firmly in the driver’s seat—it’s all systems go for scrutinizing every digital transaction.
