Glassnode Exits Crypto Tax Space as Blockpit Acquires Accointing

• It was a “multi-million dollar” transaction, as Florian Wimmer, CEO of Blockpit, revealed.
• Glassnode has announced it is discontinuing its cryptocurrency taxation initiatives.

Blockpit, a cryptocurrency tax software provider, has purchased competitor Accointing from blockchain analytics company Glassnode, extending its presence in the United Kingdom. The value of the transaction was not revealed by either firm. It was, however, a “multi-million dollar” transaction, as Florian Wimmer, CEO of Blockpit, revealed.

Blockpit said on Tuesday that it will be able to serve customers in the United Kingdom by using a tight public-private collaboration with U.K. authorities and a broad variety of top CPAs. The transaction occurs more than three years after Blockpit and Crypto Tax, a German company, merged.

Exiting Crypto Tax Space

Glassnode has announced it is discontinuing its cryptocurrency taxation initiatives in favor of developing new solutions for institutional investors and decentralized finance (DeFi).

According to a company representative, Glassnode is selling Accointing to Blockpit in order to “exit the crypto tax space” and strengthen its commitment on supplying new Digital Asset Intelligence Solutions to its institutional customers. In October 2022, Glassnode completed the acquisition of Accointing to include tax-reporting compliance tools onto its platform.

The purchase of Accointing signals another step by Blockpit into combining with rivals, since the platform previously merged with the German rival platform Crypto Tax in 2020. Blockpit’s new purchase reaffirms the company’s commitment to building an integrated crypto tax platform throughout Europe.

Florian Wimmer, co-founder and CEO of Blockpit stated:

“Due to the very similar nature of the Blockpit and Accointing platform, the acquisition really is a perfect opportunity.”

Wimmer said that it would just take a few minutes for an Accointing user to transfer their profile and data to a new Blockpit account. According to Blockpit’s CEO, the company will be able to put all of its efforts on building a single platform, releasing new features, and improving the user experience after the accounts are migrated.

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