The DeFi group Aave Companies has rebranded to Avara in order to expand its user base across the Web3 ecosystem.
Stani Kulechov, the founder and CEO of Avara (formerly Aave Companies), stated to Cointelegraph that the company’s increasing range of offerings, such as liquidity protocol Aave, the GHO stablecoin, Lens Protocol, and Sonar, required a brand with broader Web3 appeal. He mentioned, “We will continue to innovate in DeFi and build tools for developers while creating new, intuitive and compelling products that attract mainstream people.”
Kulechov explains that the industry has been focused on building infrastructure to enable the development of products that appeal to a wide user base. The rebrand signifies the start of a new era where blockchain technology becomes more accessible, usable, and fun.
The Avara founder also stated that the company’s new identity is inspired by the Finnish word “Avara,” which carries several definitions, including “extensive,” “open,” “spacious,” and “inclusive.” Its colloquial use means “seeing more than you see.”
Related: Shared Web3 user base could power new social app integrations — Aave CEO
Kulechov also notes that liquidity protocol Aave will continue under the same brand name through Aave Labs and continue its focus on contributing to technological innovations within the DeFi landscape.
The rebrand announcement coincides with the acquisition of Los Feliz Engineering (LFE) and its flagship self-custodial Ethereum wallet, Family Wallet. This strategic deal means that Avara’s product suite now includes a consumer wallet allowing users to send, receive, swap, and hold cryptocurrencies.
The acquisition also includes ConnectKit, a developer library built by Family Wallet to facilitate connectivity between the wallet service and decentralized applications. LFE’s team, including its CEO and founder Benji Taylor, will join Avara. Taylor will take up the role of senior vice president of product and design.
Avara hopes to leverage LFE’s experience in building the messaging application Honk to continue the development of Lens Protocol, which aims to be a social layer for the wider Web3 ecosystem, connecting users across a decentralized social networking environment and providing developer tools to build applications and communities.
Magazine: Slumdog billionaire: Incredible rags-to-riches tale of Polygon’s Sandeep Nailwal