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Glassnode aims to integrate users of both platforms onto a single platform.
On-chain and market data intelligence protocol, Glassnode has acquired the top crypto tax and portfolio tracking platform Accointing.com. The acquisition was announced via a press release and would see the services of both firms integrated into each other, to improve user experiences across the board.
Meanwhile, the financial terms of the acquisition deal remain undisclosed.
Glassnode to Use Acquisition to Improve User Experience
For Glassnode, the deal brings it an inch closer to achieving its mission of becoming the number one market and portfolio intelligence platform in the crypto world. So, it hopes that by acquiring Accointing.com, it’ll be able to use the latter’s intricacies to help investors to grow and protect their digital assets. That is, the hundreds of thousands of users on the Glassnode platform may now use Accointing.com’s well-contextualized, holistic view of their portfolio assets across wallets and exchanges. Not only that, but they will also be able to use its automated crypto tax compliance and reporting features as well.
Speaking about the acquisition of the crypto tax and portfolio platform, the Glassnode team admits it was a perfect and easy choice to make. The official statement partly reads:
“Its precise tracking and tax reporting capabilities across decentralized and centralized services have made it a perfect companion for our path forward.”
Rising M&A Rate in the Data and Analytics Space
Meanwhile, it is noteworthy that mergers and acquisitions (M&A) are gradually becoming a trend in the data and analytics space. As reported by The Block Research – which tracks M&As, the third quarter of 2022 alone saw at least seven acquisitions that had to do with data and analytics firms.
However, the trend might be reflective of how investors increasingly want to be more knowledgeable about the business of crypto. That is, they want to keep track of their crypto portfolio, make analyzed investment decisions, and comply with tax rules.
Ultimately, Glassnode aims to integrate users of both platforms onto a single platform. However, pending the time that this will be achieved, users may continue to access both platforms using the same login. Glassnode believes that the ease of access will enable users to navigate seamlessly between the wide array of products available.