Glassnode, a leading intelligence entity within the digital currency domain, has made an apparent directional change. The firm has decided to divest its interests in cryptocurrency tax-oriented initiatives. It chooses instead to concentrate its expertise and resources on developing sophisticated solutions. These will be tailored for institutional investors and the burgeoning DeFi sector.
Glassnode Strategic Divestiture: Embracing New Horizons
Glassnode made headlines by announcing the divestment of its tax platform, Accointing, to Blockpit. This sale marks Glassnode’s departure from the cryptocurrency taxation arena. A spokesperson for Glassnode elaborated that this move is not merely a change in business focus but a strategic endeavor to intensify their commitment to forging advanced Digital Asset Intelligence Solutions for their institutional clientele.
In recent months, Glassnode has been diligently overhauling its infrastructure. This overhaul is not a mere update. It is a calculated transformation enabling Glassnode to delve into DeFi data solutions. Moreover, it paves the way for further expansion into various sectors of the digital asset ecosystem.
A representative from Glassnode stated, “Having established ourselves with the premier on-chain data platform for Bitcoin and Ethereum, we’re now channeling our efforts to broaden our product suite into DeFi. Our goal is clear: to arm institutions with DeFi data and analytical tools essential for informed trading and navigation within the DeFi space.”
Consolidation and Expansion: Blockpit’s Strategic Acquisitions
The transaction occurs just twelve months after Glassnode’s strategic acquisition of Accointing. The move was initially intended to integrate tax-reporting compliance tools into its offerings in October 2022. Blockpit’s acquisition of Accointing is not an isolated event but part of a broader consolidation strategy. Previously, in 2020, Blockpit amalgamated with Cryptotax, a German competitor, fortifying its presence and vision for a unified crypto tax platform that stands as a pinnacle in Europe.
Users of Accointing have been assured a frictionless transition, with promises of profile and data migration to new Blockpit accounts in mere minutes. This streamlined process is designed to fuse resources effectively, enhancing the development of a unified platform. That, in turn, aims to enrich feature offerings and elevate the overall customer experience. The CEO of Blockpit highlighted the dual benefit of this strategy: a doubling of revenue without a proportional cost increase. This is achievable through the short-term shutdown of Accointing’s infrastructure, resulting in a significant cash flow surge.
The timing of this deal is strategic. It coincides with the impending rollout of stringent regulations such as the Crypto-Asset Reporting Framework (CARF) and the Directive on Administrative Cooperation (DAC8).
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