NODE40 founders take back full control as HashChain offloads debt

New York, USA – 19th November 2018 – Sean Ryan and Perry Woodin, the founders of NODE40, the specialist blockchain accounting firm, have announced that they will purchase all NODE40 assets from HashChain Technology and start a new company called 89 Unlimited.

The deal sees HashChain Technology offload existing debt and allows the NODE40 founders to push forward with major sales and advertising initiatives aimed at grow their crypto accounting business.

“This deal is a win-win for both sides and Sean and I are absolutely delighted to take back full control of the company that we founded. As more and more businesses find some kind of unique benefit to using cryptocurrencies within their operations, NODE40 is perfectly placed to help them navigate the tax and accounting events that come with this,” said Perry Woodin.

NODE40, which specialises in calculating digital currency incomes, gains, losses and tax liabilities, was sold to HashChain Technology for $8 million in January 2018. Its core product is NODE40 Balance, a robust cryptocurrency reporting software that integrates directly with major cryptocurrency exchanges. 

With a cryptocurrency market size of $202 billion, increasing government intervention into the cryptocurrency market is certain. NODE40 addresses a more strict regulatory environment and additional IRS requirements by using a coin-holder’s transaction history to analyse the blockchain and determine accurate valuations for every input and output that makes up a transaction.

The plan to separate NODE40 from HashChain Technology had been scheduled for some time, however the original deal would have seen NODE40 spun off. In the new deal, Sean and Perry will be purchasing all of the NODE40 assets from HashChain and starting a new company called 89 Unlimited. They will continue to do business as NODE40 for the sake of branding continuity and are planning to use their new found control to implement a major sales and marketing initiative.

“As a private, debt-free company, we will have a great deal of flexibility to be nimble in our approach to the many opportunities that are emerging in crypto accounting,” said Sean Ryan. “We’re extremely excited about getting back full control of the company we founded and cannot wait to get started on this new chapter in NODE40’s story.”