Ave Companies Switched to Avara, Ethereum Gets Self-Managing ‘Family Wallet’

Decentralized finance (DeFi) group Aave Companies has turned to Avara in hopes of expanding its user base on the Web3 ecosystem.

Stany Kulekov, founder and CEO of Avara (formerly Aave Companies), told Cointelegraph that the company's growing offerings, including Liquid Protocol Aave, GHO stablecoin, Lens Protocol and Sonar, necessitated an umbrella brand with broad Web3 appeal.

“We will continue to innovate in DeFi and build tools for developers to create innovative, intuitive and compelling products that appeal to the core people.”

Kulekov added that the broader industry is focused on building the infrastructure to produce products that appeal to a broad user base. The rebrand marks the start of a “new era” in which blockchain technology will become more “accessible, usable and exciting.”

Avara's founder added that the company's new identity was inspired by the Finnish word “avara”, which has several meanings, including “wide”, “open”, “broad” and “inclusive”. The word usage means “seeing more than you see.”

Related: Shared Web3 User Base May Create New Social App Integrations – Aave CEO

Kulekov announced that Liquidity Protocol Aave will continue under the same brand name, Aave Labs, and will continue to focus on contributing to technological innovations in the DeFi landscape.

The rebranding announcement coincides with Los Feliz Engineering (LFE) and its acquisition of the leading self-sustaining Ethereum wallet, Family Wallet. The strategic agreement means Avara's product suite now includes a consumer wallet that allows users to send, receive, exchange and hold cryptocurrencies.

The acquisition includes ConnectKit, a developer library developed by Family Wallet to facilitate communication between the Wallet service and decentralized applications. Joining Avara will be LFE Group CEO and Founder Benji Taylor. Taylor will assume the role of Senior Vice President of Product and Design.

Avara hopes to leverage LFE's experience to build the Honk messaging app to continue the development of the Lens protocol. As Cointelegraph reports, the latter aims to support the broader Web3 ecosystem, connecting users in a decentralized social networking environment and providing developer tools to build applications and communities.

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