фото показано с : invezz.com

Blockpit, a renowned Austrian crypto compliance firm, and software developer has purchased its German competitor, CryptoTax. A report unveiled this news on September 8, noting that this acquisition is part of Blockpit’s quest to benefit from economies of scope and to improve its international competitiveness. Reportedly, both firms were founded three years ago, and they offer their clients legally-compliant transaction reporting. In doing so, they help their customers calculate and report taxable profits from crypto trading.

Commenting on this move, Blockpit’s CEO, Florian Wimmer, said,

“Although Blockpit and CryptoTax are active in the same market segment, they have different focuses and strengths. We took a close look at the company structures and recognized a very huge synergy potential, especially in the combination of technology and the extended country coverage.”

Klaus Himmer, CryptoTax’s co-founder, and managing director added that the acquisition aims to combine both firms to become a leading player in the crypto compliance sector and to expand into the US market. To reach these expansion plans, both Blockpit and CryptoTax teams will remain unchanged. As such, Blockpit’s team will remain in Linz, and CryptoTax’s workforce will remain in Munich

Reportedly, this acquisition will not change the operations of both firms for the time being. As a result, previous functions and price models will also remain unchanged. In so doing, the firms aim to transition to a common platform seamlessly in the background. This transition will involve the redesigning of CryptoTax’s frontend and integrating it into Blockpit’s interface. Additionally, the new interface will have new functions.

These functions include a CryptoTax-created Capital Gains tool that can offer reports on traditional securities and cryptocurrencies. Blockpit, on the other hand, has developed a Know-Your-Transaction (KYT) tool that is set to identify money laundering services. Through this extended product range, Blockpit is allegedly gearing up for the upcoming launch of a new Markets in Crypto-Assets Regulation (MiCAR).

At the moment, Blockpit and CryptoTax are the only companies whose tax-optimizing calculations means and reports are audited by one of the leading accounting firms in the globe. By focusing on creating a user-friendly interface to its tax-calculation software, Blockpit believes it will be successful after tapping into the international market. The firm also believes the increasing recognition of legally audited reports by authorities will play a pivotal role in its success.

Currently, the firms provide their services in the US, Germany, Austria, and Switzerland. However, this acquisition is set to expand the reporting crypto trades to new markets in 2021. These include the UK, Canada, Australia, South Korea, and other EU countries. While these expansion plans are set for next year, it is possible to use the current software to create a standardized global report on all crypto transactions, which the firm can submit to the respective tax agencies.

The post Blockpit, an Austrian crypto expert, takes over CryptoTax appeared first on Invezz.

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