$AVICI - Crypto Neobank
Fundamentals First in Crypto Neobanking
MetaDAO Launch October 2025 | Published November 23, 2025 | Updated December 9, 2025 | ICM Analytics Research
Banking was designed for a world of branches, paperwork, and borders. Crypto changed what's possible, but the infrastructure to spend it remained clunky—bridges, swaps, off-ramps, and cards that don't actually work.
$AVICI powers Avici, a self-custodial neobank that lets users spend crypto anywhere Visa is accepted—no KYC, no custody risk, no friction. Their thesis: crypto banking should be as seamless as traditional banking, but with true ownership.
We track the fundamentals that separate asymmetric opportunities from noise. $AVICI has verifiable card spend data, MetaDAO governance, and traction the market hasn't fully priced.
Investment Thesis
$AVICI represents ownership in Avici—distributed internet banking infrastructure merging crypto banking tools with decentralized ownership on Solana via MetaDAO Futarchy.
November 2025 Monthly Update
TLDR: It's All About The Long Term
Card spend showing very strong traction. Team expanded to 13 people. Named virtual accounts & Biz accounts show great response from early access users. Team supply draft in works. Focus on marketshare instead of revenue.
Key Metrics: November vs October
| Metric | October | November | Growth | Source |
|---|
| Credit Created | ~$2.1M | $2.9M | +2x | Team |
| Spend Volume | ~$830K | $2.5M | +3x | Team |
| Transactions | ~18K | 55,219 | +3x | Team |
| Monthly Active Users | 8.29K | 16.2K | +2x | Team |
| Activated Cards | — | 9.8K (67%) | — | Team |
| Revenue | — | $29K+ | — | Team |
| Spend Retention | — | 70.8% | — | Team |
Cumulative Totals (All-Time)
$5.5M
Total Credit Created
195,577
Total Transactions
28.7K+
Total Signups
Team report
Metrics available at endbanks.org — note: this is a team-controlled dashboard, not independently verified.
Live Dashboard Snapshot (December 8, 2025)
Source: endbanks.org — December 8, 2025
Revenue & Valuation Metrics
| Metric | Value | Notes |
|---|
| Product Revenue (Sticky) | $300K ARR | Physical card sales ($29K/mo × 2 months annualized) |
| Trading Revenue (Non-Sticky) | $450K ARR | Interchange on $2.5M volume @ 1.5% |
| Total Revenue Potential | $750K ARR | Combined (not all recurring) |
| Current Market Cap | ~$44.2M | As of Dec 13, 2025 |
| P/E (Product Revenue) | ~175x | MC / Sticky ARR |
| P/E (Total Revenue) | ~70x | MC / Total ARR potential |
| Avg Monthly Retention | 68.45% | For spend activity |
Valuation Reality Check
At $29K/month revenue (~$300K ARR sticky), the current $44.2M market cap implies ~147x P/E—aggressive pricing that assumes continued 2-3x monthly growth. The growth metrics are impressive, but the revenue is still very early stage. This is a high-risk growth bet, not a value play.
Ram's Philosophy: Long-Term Market Share
"Revenue is important but when we focus on user experience, we will gain market share. When we gain market share, huge revenue will follow long term. Especially in a biz model like Avici, there are so many ways to monetize as we sit at the center of the velocity of money."
— From November 2025 Monthly Update
November Highlights
- Growth: Daily volume = last month's weekly; shipped endbanks.org dashboard
- Product: Biz Cards live (waitlist), Named Virtual Accounts (early access), "Avi" feature coming
- Team: Expanded to 13; now co-living/co-working for faster execution
- Marketing: "We're sorry" tweet hit 1.4M views, drove signups + $1.2K revenue
Areas to watch: Wallet data tracking, decentralized dashboard backup, LATAM expansion.
Data Verification Summary
| Category | Status | Source | Can Verify? |
|---|
| MetaDAO Futarchy Launch | Verified | MetaDAO records | Yes |
| App Store Presence | Verified | App Store / Google Play | Yes |
| Card Stats Dashboard | Team Source | endbanks.org | Team-controlled |
| Stripe/Bridge Integration | Partial | API integration live; no formal partnership PR | Partial |
| MoonPay Partnership | Partial | Team announcement, no MoonPay PR | Partial |
| MAU (16.2K) | Team Source | endbanks.org | Team-controlled |
| Monthly Spend ($2.5M) | Team Source | endbanks.org | Team-controlled |
| Team Size (13) | Self-Reported | Team claim | No |
Milestone Chronology
| Date | Milestone | Status | Source |
|---|
| Aug 2025 | Public Beta app launch with physical cards | Verified | Multiple sources |
| Oct 14, 2025 | MetaDAO ICO launch | Verified | MetaDAO records |
| Oct 18, 2025 | ICO close, trading begins | Verified | CoinGecko |
| Nov 2025 | Stripe/Bridge API integration live | Partial | API integration; no formal partnership PR |
| Nov 10, 2025 | Viral "We're Sorry" campaign (1.4M views) | Verified | X Analytics |
| Nov 2025 | Public stats dashboard launched | Verified | endbanks.org |
| Nov 2025 | Biz Cards live for waitlist | Verified | App update |
| Nov 2025 | Named Virtual Accounts (early access) | Partial | Team report |
| Nov 2025 | MoonPay partnership announced | Partial | Team announcement |
| Nov 2025 | 109K+ total transactions processed | Team | endbanks.org |
| Nov 2025 | Team expanded to 13 people | Self-Reported | Monthly update |
The Market Opportunity
Global Neobanking TAM
| Metric | Value | Source |
|---|
| Global Neobanking (2024) | $148.9B | Industry reports |
| Projected (2034) | $4.4T | 40.29% CAGR forecast |
| Stablecoin Volume (Annual) | $15.6T | A16Z State of Crypto |
| Crypto Card Volume (Nov 2025) | $379M | Dune Analytics (record month) |
Avici is positioned at the intersection of two massive trends: the global shift to digital banking ($4.4T TAM by 2034) and the explosion of stablecoin payments ($15.6T annual volume). The crypto card sector alone hit a record $379M in November 2025, demonstrating growing real-world crypto spending adoption.
Token Fundamentals
| Metric | Value | Source |
|---|
| Total Supply | ~12.9M | On-chain verified |
| Circulating | ~12.9M (99.99%) | DexScreener/Solscan |
| Token Distribution | 77.5% ICO / 22.5% LP | Whales Market |
| Team Allocation | 0% at launch | MetaDAO Futarchy |
| All-Time High | $7.61 (Nov 26, 2025) | CoinMarketCap |
| All-Time Low | $0.44 (Oct 18, 2025) | CoinMarketCap |
Live token metrics and holder data available on the ICM Dashboard.
The MetaDAO ICO: Built with Futarchy
$AVICI launched through MetaDAO using Futarchy—prediction markets instead of voting. $34.2M committed, only $3.5M raised (89.8% refunded). Discipline over greed. Initial price $0.35, now ~$6.50 (18x+).
Product & Features
Avici App Metrics
| Platform | Rating | Reviews | Version | Source |
|---|
| iOS | 4.6/5 | 22 | v2.0.8 | App Store |
| Android | 3.0/5 | 111 | Latest | Google Play |
| CoinGecko Watchlist | 4,369 | Rank #626 | CoinGecko |
| Twitter @AviciMoney | X/Twitter |
Data updated: December 9, 2025 via ICM Dashboard
Core Features: Non-custodial wallet with passkeys, unlimited Visa cards, USD/EUR accounts via Stripe/Bridge API, gasless swaps, auto-yield on holdings.
New Features (November 2025)
| Feature | Status | Description |
|---|
| Business Cards | Live (Waitlist) | Biz cards available for waitlist users; opening to all this month |
| Named Virtual Accounts | Early Access | MoonPay-powered; offramps feel like regular bank transfers |
| "Avi" Feature | Coming Soon | New product feature focused on personalization; debut this month |
| Smart Wallet Infrastructure | In Development | Institutional-grade smart wallet stack on Solana for safer large holdings |
| Metal Co-branded Card | In Development | VIP card with cashback, targeting ecosystem community; could drive 10x spend volume |
| Decentralized Dashboard | Planned | Public backup so users can access smart wallets if Avici goes down |
Strategic Partnerships
| Partner | Type | Status | Outcome |
|---|
| MoonPay | Named Virtual Accounts | Partial | Powering global offramps via banking licenses (source) |
| Stripe/Bridge | Fiat rails | Partial | USD/EUR accounts live |
| Rain | Card issuance | Partial | Visa cards in-app |
| LATAM Partner | GTM expansion | Pending | Working on go-to-market strategy |
Named Virtual Accounts (MoonPay)
MoonPay partnership confirmed by Ram—leveraging MoonPay's banking licenses to make offramps feel like regular bank transfers. Early access live; 0 fee up to monthly limit. Awaiting official MoonPay PR for full verification.
Risks to Monitor
| Risk | Severity | Details |
|---|
| Valuation vs Revenue | HIGH | $44.2M MC on $29K/mo revenue = ~147x P/E; growth priced in aggressively |
| Metal Cards Unproven | MEDIUM | Limited user unboxing photos or shipment confirmations |
| Team Supply Proposal | MEDIUM | Coming Dec/Jan; details TBD but team has signaled long-term alignment focus |
| MoonPay Awaiting Confirmation | MEDIUM | Partnership confirmed by Avici; awaiting MoonPay official PR |
| Metrics Partially Verifiable | MEDIUM | endbanks.org improves transparency but still team-controlled |
| Stripe Dependency | MEDIUM | Business model relies on Stripe/Bridge partnership |
| Liquidity Risk | MEDIUM | ~$4M DEX liquidity at ~$44.2M market cap (9% ratio) |
| Team Anonymity | MEDIUM | Ram is semi-public; team expansion to 13 adds execution capacity |
| Card Withdrawal Bug | LOW | Issue affected some new users in Nov; fix deployed |
Risk profile improved: MoonPay now Partial (was Speculative), metrics partially verifiable via endbanks.org, team expanded to 13, 3x spend growth.
Trust Score Breakdown
| Category | Oct Score | Nov Score | Max | Notes (November Update) |
|---|
| On-Chain Data | 15 | 16 | 20 | Token metrics verified on-chain |
| Product/Traction | 15 | 18 | 30 | 109K txns; 3x spend growth; team-controlled dashboard |
| Team/Backing | 12 | 13 | 20 | MetaDAO verified; MoonPay partial (no official PR) |
| Tokenomics | 12 | 8 | 15 | ~175x P/E on $29K/mo revenue = HIGH valuation risk |
| Community | 7 | 10 | 15 | 28.7K signups; 16.2K MAU; viral marketing success |
| Base Score | 61 | 65 | 100 | +4 from October |
| MetaDAO Futarchy Bonus | — | +10 | — | Prediction markets, 0% team allocation, 89.8% refund discipline |
| FINAL SCORE | 61 | 75 | 100 | High Trust (MetaDAO Ownership Token) |
MetaDAO Futarchy +10 bonus applied: Prediction market governance, 0% team allocation at launch, 89.8% refund discipline. Base score limited by Tokenomics (-4 due to extreme valuation). Price/MC/Holders NOT factored into Trust Score, but P/E ratio IS.
Outlook & Catalysts
Valuation targets: Current $44.2M (~147x P/E) → $100-150M (Q1 2026 if growth continues) → $500M+ (2026 vision with 100K+ users).
Upcoming: Dec: Team supply proposal, "Avi" feature, Biz cards public. Jan: Funding round, Named Virtual Accounts GA. Q1 2026: Metal co-branded cards, cashback program.
Conclusion
$AVICI represents a credible thesis at the intersection of four verified mega-trends: global neobanking ($4.4T TAM by 2034), self-sovereign finance, crypto payments ($15.6T stablecoin volume), and tokenized ownership via Futarchy.
December 2025: Current Status
Latest metrics (Dec 13): Price $3.42 | MC $44.2M | 12,978 holders | 24h Vol $1.68M
Strong execution: 3x spend growth, endbanks.org public, MoonPay partial. Trust Score: 75/100 (Base 65 + MetaDAO Futarchy +10 bonus). Valuation risk (~175x P/E) remains but governance structure adds confidence.
Watch next: MoonPay official PR, metal card proof, team supply proposal (Dec/Jan), sustained revenue growth to justify valuation.
About This Analysis
This report by @icmanalytics separates verified data from marketing claims. We believe in fundamental research—not hype, not promises, but actual metrics.
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Disclaimer: This is not financial advice. $AVICI is a high-risk, speculative asset. Never invest more than you can afford to lose. Always verify claims independently before making investment decisions.