Glassnode Acquires Crypto Tax Platform Accointing.com

Crypto analytics firm and on-chain market intelligence provider Glassnode has acquired crypto tax and portfolio platform Accointing.com, but the financial terms of the deal have not been disclosed.

As per a Wednesday announcement, this acquisition is aimed at combining "the services provided by both companies bringing users more value than ever before."

"Accointing.com is one of the industry's leading tax and portfolio tracking platforms with hundreds of thousands of users on web and mobile. Its precise tracking and tax reporting capabilities across decentralized and centralized services have made it a perfect companion for our path forward," said the Glassnode Team.

While Glassnode has yet to announce any public funding round, data analytics firm Messari, which is its biggest rival, recently raised $35 million in a Series B round led by Brevan Howard Digital at a valuation of $300 million, as per The Block.

According to the announcement, the users of Glassnode will now be able to track all of their portfolios in a "single holistic view" once the integration with Accointing.com is complete. However, until then, a single login will be required to access both platforms.

"There won't be any immediate changes to our products, and we will continue to provide you with leading data and market intelligence as we extend our offering. At the same time we will work on hypercharging Accointing.com's portfolio product with data-driven market insights," Glassnode said in an email sent out to the users of the platform.

Portfolio tracking and tax reporting tools by Accointing.com will be available for free to the users and will also include the Trading Tax Optimizer, which will help in preserving capital and minimize potential losses during the current bear market.

The announcement also read that in the coming months, users will be able to track their entire journey "from market intelligence over portfolio management to tax-reporting compliance" in a single platform.