Glassnode Shifts Focus to Institutional Solutions and DeFi, Sells Crypto Tax Platform

Glassnode has shifted its focus away from crypto tax-related projects to concentrate on creating solutions for institutional investors and decentralized finance (DeFi).

They recently announced the sale of their crypto-focused tax platform, Accointing, to Blockpit, a European crypto compliance provider, in a multimillion-dollar deal. This strategic move allows Glassnode to channel its efforts into delivering Digital Asset Intelligence Solutions for institutional clients and expanding into the DeFi space. The acquisition by Blockpit is part of a larger trend in the consolidation of crypto tax platforms, and it reflects a shared vision for a unified crypto tax platform in Europe.

These changes come at an opportune time, with upcoming regulations like the Crypto-Asset Reporting Framework (CARF) and the Directive on Administrative Cooperation (DAC8), which will significantly impact tax enforcement in the crypto industry. DAC8, formally adopted in October 2023, empowers tax collectors to monitor and evaluate cryptocurrency transactions across EU member states.

Clever Robot News Desk 8^th November 2023