Case Study
February 21, 2023

How Fuel3 Used Bitwave to Grow and Scale its Portfolio of Web3 Clients like Paradigm

About Fuel3: 

Fuel3 is a boutique accounting firm that specializes in traditional and digital asset accounting, offering tailored solutions to help businesses with their financial needs. Its team has extensive experience in both startups and established companies, and they offer a range of services, including general and crypto accounting, bookkeeping, and CFO services. Fuel3 takes a holistic approach to technology and implements the right tools at the right time to deliver dependable results that can grow with the business. 

Visit to learn more. 

User: Mel Comer, Co-founder and CEO 

General Ledger: QuickBooks Online 

Use Case(s): Web3 Accounting Firm 

Bitwave Customer Since: Early 2020


  • Increased efficiency and accuracy: The implementation of Bitwave reduced the time and effort required to produce accurate financial statements by approximately 90% 
  • Improved decision-making: The team was able to provide stakeholders with timely and accurate financial information, enabling better decision-making.
  • Reduced risk of non-compliance: The software helped reduce the risk of non-compliance with tax regulations, as it accurately calculated the cost basis with the related short or long term gain/loss of each transaction.

The Challenge:  Complexity in Blockchain Beyond QuickBooks Debits and Credits 

Crypto accounting and bookkeeping are hard. 

For one, every digital asset transaction has multiple financial obligations related to accounting, tax, and compliance. 

Fuel3 Co-founder and CEO Mel Comer discovered this firsthand when she first pivoted to crypto accounting in 2019, working with a crypto-native company that held crypto. The industry is known for its fast-paced nature, which sometimes comes at the cost of well-defined FinOps processes and tooling: A problem Fuel3 aims to solve with its Web3 accounting practice.

Many of Fuel3’s clients use QuickBooks. The 25-year-old accounting platform is tried and trusted for a reason: it is accessible, easy to use, and has a highly knowledgeable, active community of users. But because crypto is inherently more complicated than traditional bookkeeping, which deals with simple transactions like debits and credits, bank deposits and checks, and bill payments. QuickBooks only gets you halfway there.

Fuel3 and its clients needed a solution to wrangle all of their crypto data to make sense of it from an accounting and tax perspective. A solution that wouldn’t replace QuickBooks but work within it to ensure the data is accurate and complete, facilitate conversion to fiat currency  for ease of use, allow for inventory tracking, and provide detailed, auditable records. Something QuickBooks simply wasn’t built to manage – especially at Web3 speed and scale.

Rather than replacing QuickBooks entirely, the ideal solution would integrate with the software to ensure data accuracy and completeness, facilitate conversion to fiat currency for ease of use, and allow for inventory tracking and detailed, auditable record-keeping. 

"Success in cryptocurrency requires technical knowledge and detective skills," says Comer. "Clients may not have all the information required for basic accounting workflows, so it's important to have a deep understanding of individual blockchains and the ability to piece together information from various sources into a single location."

When Mel met Bitwave co-founders Amy Kalnoki and Pat White and learned about the product, it was love at first byte, becoming one of Bitwave’s earliest customers.

The Solution: A Crypto Sub-ledger that talks to Quickbooks & World-Class Customer Support 

“Bitwave fills in QuickBooks’ gaps and allows us to manage all of our client’s Web3 bookkeeping and accounting needs in one location,” says Comer. “You can clearly see funds flowing in, have a complete understanding of your transactions, and be well-informed about the impacts on your financials.”

But in order to get that far, Fuel3 and Bitwave must go through the implementation process.

“For me, the strength of this process is the clear handoff: Bitwave sets up an instance for our client and then turns to us to handle tasks like adding wallets, exchanges, etc. This allows us to help our clients implement best practices like maintaining separate wallets for every transaction type simultaneously instead of having to unravel it after the fact,” Comer continues. 

Fuel3's deep understanding of Bitwave is crucial to its ability to provide personalized and effective service to clients. "We get it – we know what Bitwave can do and how it’s going to land inside of Quickbooks," says Comer. This familiarity with the platform allows Fuel3 to get clients implemented and onboarded quickly, leading to greater success and satisfaction with both Bitwave and Fuel3. By eliminating friction and ensuring a smooth onboarding process, Fuel3 is able to help clients achieve their goals and thrive.

But the relationship between Bitwave and its partners doesn’t stop there. Crypto is still an industry in its infancy, and needs are constantly changing, which is why Bitwave takes a collaborative approach with partners. They all learn from one another – and push boundaries to find new ways to improve its platform.

Comer continues, “It's that constant collaboration and problem solving, the thrill of the hunt, and the thrill of mutual success that makes working with Bitwave so unique. There’s no problem that we can give Bitwave that someone on the team won’t have a detailed answer and will take the time to explain and make sure we understand it.”

The Results: Massive Time Savings, Happy Clients, and a Strong Partnership 

Fuel3's adoption of Bitwave has had a significant impact on their business. They have been able to scale and grow their portfolio of Web3 clients and deliver high-quality, actionable financial reports to their clients faster and more cost-effectively. 

For example, Comer notes that Bitwave streamlines labor-intensive processes such as data cleanup, reducing the time spent on cleanup to a tenth of what it used to be.

“Bitwave is by far the best Web3 accounting solution on the market, and it’s only getting better,” says Comer. “I recently had a client who was overwhelmed with the volume of their NFT transactions,” she continues. “Before Bitwave released its NFT Spam Filter, it would have been nearly impossible to manually go into the records and identify every single fraudulent transaction. The NFT Spam Filter helped the client eliminate over 9000 spam tokens in a single month.”

Fuel3 Client Success Story: Paradigm

Paradigm is an institutional liquidity network for crypto derivatives traders that currently facilitates +35% of exchange-cleared options volume in crypto markets. Paradigm earns revenue from transaction volume executed through its platform, settled on partner exchanges, which results in a portion of every transaction being recorded as revenue.

When Paradigm first became a client of Fuel3, the team managed its transactions using spreadsheets rather than specialized crypto accounting solutions – a trait common among high-growth, crypto-native, and traditional organizations.

"I tried using a spreadsheet for a month and quickly realized it wasn’t feasible,” says Comer. I knew that their transaction volume would only increase as they continued to scale – they needed Bitwave, and they needed it yesterday.”

Today, Bitwave helps Fuel3 perform many routine accounting procedures for Paradigm, such as tracking revenue and expenses and producing gain/loss reports for tax purposes.

To learn more about Paradigm, visit

Fuel3 also leverages Bitwave’s core functionalities like syncing mark-to-market adjustments to mark the current value of holdings and provide clients with a clear view of their crypto and non-crypto assets in QuickBooks. Bitwave also makes it easy to reconcile crypto transactions, streamlining the process and eliminating the need for separate spreadsheets.

Comer also spoke about Bitwave's robust reporting features, which give her a range of options to help gain insights into Fuel3 client data. One such feature is the gain/loss report summary, which allows users to tie balances to the balance report. 

And when answers aren’t immediately clear, users can get as granular as they wish in Bitwave. “Unlike other rigid reporting systems, Bitwave never holds me hostage. Bitwave gives me the flexibility to get the data, manipulate it, and analyze it to find the answers I need.” 

In the end, Bitwave has become an essential tool for Fuel3. “If a client came to us with crypto and wouldn't use Bitwave, we probably wouldn't take them. It’s just that necessary,” Comer finishes. 

Check out Bitwave on the QuickBooks app store today or contact us to schedule a demo.

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