Aave rebrands to Avara, acquires software developer behind Ethereum wallet Family

The Block2023/12/01 19:06

By:The Block

Quick Take Aave Companies rebranded to Avara and acquired the Los Angeles-based web3 startup Los Feliz Engineering. The move marks Avara’s second acquisition, following the purchase of the web3 social gaming app Sonar on Dec. 5, 2022.

Blockchain technology firm Aave Companies rebranded to Avara and announced an acquisition of a Los Angeles-based web3 startup.

Avara will now be the parent entity over Aave, Lens, the stablecoin GHO, Sonar and other brands, according to a company release. In addition to the name change, Avara also bought Los Feliz Engineering, the web3 software development startup behind the Ethereum crypto wallet Family and the developer library ConnectKit.

Benji Taylor, the founder of Family, will join Avara as the senior vice president of product and design. The entire Los Feliz engineering team will join Avara as well.

"Our transformation to Avara and the integration of Family into our fold are not mere changes in name or structure," wrote Avara founder Stani Kulechov in a statement. "These are significant strides toward our ultimate mission: an open, decentralized internet that’s equitable, inspires participation and fosters innovation."

Avara's purchase of Los Feliz Engineering marks the second acquisition during its lifetime. The company acquired the web3 social gaming app Sonar in Dec. 5, 2022 to expand the ecosystem of Lens , a decentralized social media platform.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.