Decentralized finance (DeFi) group Aave Companies has been renamed Avara as it looks to expand its user base across the Web3 ecosystem.
Stani Kulechov, founder and CEO of Avara (formerly Aave Companies), tells Cointelegraph that the company’s growing number of offerings, including liquidity protocol Aave, stablecoin GHO, Lens Protocol and Sonar, needed an overarching brand. with broader appeal for Web3.
“We will continue to innovate in DeFi and create tools for developers while creating new, intuitive and attractive products that appeal to everyday people”
Kulechov adds that the industry as a whole has focused on building infrastructure to enable the development of products that appeal to a broad user base. The rebrand marks the beginning “of a new era” in which blockchain technology becomes more “accessible, usable and fun.”
The founder of Avara adds 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 “see more than what you see.”
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Kulechov also notes that the Aave liquidity protocol will continue under the same brand through Aave Labs and will continue to focus on contributing to technological innovations within the DeFi landscape.
The rebranding announcement coincides with the acquisition of Los Feliz Engineering (LFE) and its flagship self-custody ethereum wallet, Family Wallet. The strategic agreement means that Avara’s product suite now includes a consumer wallet that allows users to send, receive, exchange and hold cryptocurrency.
The acquisition also includes ConnectKit, a developer library created by Family Wallet to facilitate connectivity between the wallet service and decentralized applications. The LFE team, including CEO and founder Benji Taylor, will join Avara. Taylor assumes the role of senior vice president of product and design.
Avara hopes to leverage LFE’s experience in creating the Honk messaging app to continue the development of Lens Protocol. As Cointelegraph reported, the latter aims to be a social layer for the broader Web3 ecosystem, connecting users through a decentralized social media environment and providing development tools to create applications and communities.
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