By
Tokoni Uti
January 11th, 2024
Avara is hoping to create extensive access and usability for blockchain technology.
Aave Companies have rebranded to Avara as a way of repositioning itself to attract a wider Web3 audience. According to Stani Kulechov, founder and CEO of the company, the move is necessary due to the growing list of offerings by Aave (now Avara).
Kulechov believes that an umbrella brand such as Avara would help streamline the group’s growing list of infrastructure products. Those include liquidity protocol Aave, Lens Protocol, Sonar, and the GHO stablecoin. But more importantly, the CEO also believes that the new brand will attract a broader Web3 user base. Part of his statement reads:
“We will continue to innovate in DeFi and build tools for developers while creating new, intuitive and compelling products that attract mainstream people.”
Speaking about what inspired the new brand name, the founder noted that Avara is a Finnish word with many meanings such as “spacious”, “open”, and “extensive”. However, its informal interpretation is “seeing more than you see”.
Seeking to ride on this meaning, Avara will now be hoping to create extensive access and usability for blockchain technology. More so in a fun way.
Double Deal for Avara
There is another interesting update alongside the rebrand announcement. The company has also acquired Los Feliz Engineering (LFE) and its self-custodial Ethereum wallet, Family Wallet in a strategic deal. This implies that another product has been added to Avara’s suite. And, with the wallet, users may now send, receive, and carry out various transactions with their cryptocurrencies.
Meanwhile, it is worth noting that by acquiring Family Wallet, Avara also acquires its ConnectKit feature which enables connectivity between the wallet service and decentralized applications.
The final part of the acquisition deal will see top executives of LFE such as its CEO Benji Taylor, take up vital roles at Avara. Taylor, for instance, will assume the role of senior vice president of product and design.
Without a doubt, Avara will be looking to tap LFE’s years of experience with Honk, its messaging app, and replicate the same with its own Lens Protocol. As Coinspeaker earlier reported, the Aave core team launched Lens Protocol as a social platform for the wider Web3 ecosystem.
The financial implications of the acquisition have not been officially disclosed. However, Avara can confirm that there will be no strategic changes for the company other than the latest rebrand and acquisition. The company also reaffirmed its commitment to the decentralized finance and Web3 space.