Aave Companies Rebrands as Avara, Expands Services with Acquisition of Los Feliz Engineering
Summary:
Decentralized finance conglomerate Aave Companies has rebranded to Avara with the aim to expand its user base in the Web3 ecosystem. The rebranding accompanies an acquisition of Los Feliz Engineering, offering a consumer wallet that lets users manage cryptocurrencies. Avara plans to drive innovation in DeFi, building user-friendly products and tapping into LFE's expertise to further develop the Lens Protocol for a more connected, decentralized social network within the Web3 ecosystem.
In an effort to expand its reach within the Web3 universe, the decentralized finance (DeFi) conglomerate "Aave Companies" has undergone a name change and is now known as "Avara." Avara's CEO and founder, Stani Kulechov, spoke with Cointelegraph, filling them in on the company's decision to go for a more encompassing brand. This move comes in response to the expanding range of their services, which include Aave, a liquidity protocol, the GHO stablecoin, Lens Protocol, and Sonar. He mentioned that they are looking to develop innovative DeFi tools, alongside user-friendly, appealing products that cater to a broader demographic.
Furthermore, Kulechov voiced his belief that the rebranding signifies the start of a time synonymous with making blockchain technology more user-friendly, enjoyable, and within reach. He mentioned that Avara's new name was inspired by a Finnish term meaning "extensive", "inclusive", "open" and "spacious". It also embodies a broader perspective or "seeing more than is visible."
The announcement of the rebrand comes hand in hand with news of the acquisition of Los Feliz Engineering (LFE), creators of the Family Wallet, a self-custodial Ethereum wallet. This strategic move now allows Avara to offer a consumer wallet that lets users hold, send, receive, and exchange cryptocurrencies.
As part of the acquisition, ConnectKit, a developer library that supports connectivity between wallet services and decentralized apps, originally developed by Family Wallet, will also come under Avara. LFE’s team, inclusive of founder and CEO Benji Taylor, will be incorporated into the company, with Taylor taking on the position of senior vice president of product and design. Avara aims to leverage LFE's experience in crafting the messaging app Honk, to employ in the ongoing enhancement of the Lens Protocol. This is meant to act as a social layer throughout the wider Web3 ecosystem, offering a space for decentralized social networking and equipping developers with tools to create apps and communities.
Published At
11/16/2023 5:15:00 PM
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