Aave Companies CEO Stani Kulechov announced on Thursday that the firm is adopting the name "Avara", marking a new chapter in its web3 journey. This rebranding coincides with its strategic acquisition of Los Feliz Engineering (LFE), the team behind the self-custodial Ethereum wallet service Family and its developer library ConnectKit.
"The name "Avara" is inspired by the Finnish word meaning "extensive," "open," "spacious," and "inclusive," and colloquially stands for "seeing more than you see," Kulechov said. The founder also shared the firm's new logo, a simple circumflex "^".
The Avara group now includes Aave Labs, Lens, Sonar, GHO, and Family.
The LFE acquisition expands Avara's product offerings, integrating Family's self-custodial wallet, which allows users to manage their cryptocurrencies.
The acquisition also brings in ConnectKit, a developer tool for integrating wallet services in decentralized apps. Avara aims to enhance its presence in the Web3 domain and improve user access to Web3 technologies.
The entire LFE team will join the company on this new project. Benji Taylor, LFE's founder, notably joins Avara as Senior Vice President of Product & Design. His expertise will be instrumental in shaping Avara's product strategy, especially in enhancing Web3 user experiences.
Kulechov highlighted Avara's unwavering dedication to advancing decentralized finance through Aave Labs. He noted their role in the latest Aave V3 update and the launch of the GHO stablecoin. The V2 release of Avara's Lens Protocol decentralized social media a few days ago is also noteworthy.
Kulechov also discussed how Web3 is reshaping online interactions, fostering individual ownership and making internet users more adaptable, viewing it as a catalyst for creating 'liquid citizens' of the internet. He emphasized that under Avara's leadership, all associated brands will uphold its core values of high-quality design and functionality. Avara aims to support startups and existing businesses in integrating state-of-the-art Web3 features and services, maintaining a commitment to meet the community's high standards and trust.