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, LLC. HashChain acquired the company in January of 2018 for $8 million USD, plus 3.14 million common shares of HashChain stock.
The deal sees HashChain Technology offload existing debt and allows the NODE40 founders to push forward with major sales and advertising initiatives aimed to 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 specializes in calculating digital currency incomes, gains, losses and tax liabilities, was sold to HashChain Technology Inc 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 analyze 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, LLC. They will continue to do business as NODE40 for the sake of branding continuity and are planning to use their newfound 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.”
Sean Ryan received his Master’s of Science in Information Science after completing a Bachelor’s of Arts in Computer Science from the State University of New York at Albany. Since co-founding the company in 2015, he serves as Chief Technology Officer, designing the technology roadmap and plays an active role in business development activities. He leads key service offerings including blockchain hosting, blockchain accounting, and cost basis analysis.
Perry Woodin has over 20 years experience architecting and managing web-based applications and services. Perry’s interest in blockchain technologies started with the financial incentives that digital currencies use to encourage network participation — from early Bitcoin mining to Dash incentivized full nodes. He serves as Chief Strategy Officer responsible for cultivating relationships with strategic partners.