Decentralized finance (DeFi) group Aave Companies has rebranded as Avara as it seeks to expand its user base across the Web3 ecosystem.
Stani Kulechov, founder and CEO of Avara (formerly Aave Companies), told Cointelegraph that the company’s growing number of offerings, including liquidity protocol Aave, stablecoin GHO, Lens Protocol and Sonar, necessitated an umbrella brand with broader Web3 appeal.
“We will continue to innovate in DeFi and create tools for developers while creating intuitive and compelling new products that appeal to the general public”
Kulechov adds that the industry as a whole has focused on creating infrastructure that enables the development of products that appeal to a broad user base. The rebranding marks the start of “a new era” where blockchain technology becomes more “accessible, usable and fun.”
The Avara founder adds that the company’s new identity is inspired by the Finnish word “Avara”, which carries a number of definitions, including “vast”, “open”, “spacious” and “inclusive”. Its colloquial usage means “see more than what you see.”
Kulechov also notes that the Aave liquidity protocol will continue under the same brand name through Aave Labs and will continue to focus on contributing to technological innovations in the DeFi landscape.
The rebranding announcement coincides with the acquisition of Los Feliz Engineering (LFE) and its flagship self-custodial Ethereum wallet, Family Wallet. This strategic agreement means that Avara’s suite of products now includes a consumer wallet allowing users to send, receive, exchange 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. The LFE team, including its 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 creating the Honk messaging app to further develop Lens Protocol. As Cointelegraph reported, the latter aims to be a social layer for the broader Web3 ecosystem, connecting users through a decentralized social networking environment and providing developer tools for building apps and communities.