February 24, 2024

The crypto blockchain analytics company Glassnode has sold Accounting, a Bitcoin tax software, to Blockpit.  The data provider noted that it’s concentrating on new solutions set for institutional investors and decentralized finance (DeFi). 

It further stated that the sale serves as a closing point for its crypto tax-related projects and operations in the industry. 

Blockpit released a statement regarding Glassnode’s sale of the crypto tax software Accounting on November 7. The crypto-tax platform Blockpit has officially taken ownership of the Accounting through the transaction.

However, the two companies didn’t disclose the exact amount in the deal. Rather, they indicated that the sale-acquisition transaction was worth multi-millions of dollars.

A representative for Glassnode reacted to the deal between the two parties. According to the spokesperson, the sell-off is the first step for the analytics firm to focus on its new goals.

Notably, Glassnode delivers new Digital Asset Intelligence Solutions to its institutional customers.

Also, according to the spokesperson, Glassnode has been preparing for a grand emergence into DeFi data solution. The firm dedicated the past few months to readjusting its infrastructure and setting the ground for bigger feats in digital assets. 

Further, the representative highlighted the company’s decision and indications for expansion. 

After having built the leading on-chain data platform for Bitcoin and Ethereum, we are currently expanding our product offering into DeFi. We aim to equip institutions with DeFi data and tools that help them trade in and navigate the DeFi space.

Recall that Glassnode acquired Accounting in October 2022 to complement its plans to include tax-reporting compliance tools on its platform. It served as an aid for users through its crypto tax compliance and report features.

Blockcpit Expands into the UK

Blockpit has taken a higher step in expanding into the UK by acquiring the crypto tax software provider, Accounting. In an email to CoinDesk, Blockpit mentioned that its services could extend to UK-based customers. 

It noted that its operations will be scaled following

a close public-private partnership with UK authorities, as well as with a wide range of leading CPAs.

According to Blockpit CEO and co-founder Florian Wimmer, the new acquisition offers the firm a perfect aid for greater performance. 

The CEO stated:

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

Wimmer mentioned that interoperability exists between Blockpit and Accounting interfaces. As such, Accounting clients could seamlessly move their data and profiles to a new Blockpit account within a few minutes.

Through the interaction, Blockpit could direct its joint resources to improve its service. These include developing a common platform, enhancing users’ experiences, and bringing in more features.

Additionally, the CEO noted that the move would help Blockpit to double its revenue without any spike in its expenses. The plan includes closing the Accounting infrastructure in the short term, which will transfer all users to the common platform and increase the overall profit.

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