Glassnode aims to integrate users of both platforms onto a single platform.
Glassnode says the deal will allow users of both platforms to track their portfolios in one place
Photo Credit: Glassnode
On-chain and market data intelligence protocol, Glassnode has acquired top crypto tax and portfolio tracking platform Accointing.com. The acquisition sees the services of both firms integrated into each other, to improve user experiences across the board. Once the integration is done, Glassnode users can take advantage of Accointing.com's services, including viewing their portfolio assets across wallets and exchanges. 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.
While the financial terms of the acquisition deal remain undisclosed, Glassnode in a press release said the deal will allow users of both platforms to track their portfolios in one place once Accointing.com is integrated. Until then, users will be able to access both platforms using the same login.
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."
"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 decentralised and centralised 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 (roughly Rs. 288.5 crore) in a Series B round led by Brevan Howard Digital at a valuation of $300 million (roughly Rs. 2473 crore), as per The Block.
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.
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