Aave Companies, a firm that develops technology based on blockchain to increase access to financial markets, has rebranded itself as Avara. It was said that its new name is a Finnish term that means "spacious,” and it will manage all existing portfolio brands of the company, including liquidity protocol Aave, stablecoin GHO, and Lens Protocol, a decentralized social media protocol.

Aave Will Remain Intact Despite the Rebranding Move

Aave Companies has rebranded to Avara as it plans to streamline its suite of infrastructure products to appeal to more Web3 user base. Despite the rebranding, the Aave brand will still be operating under Aave Labs, plus its native token, AAVE, will also remain the same.

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

He added, “Our objective is to disrupt a web landscape where the majority of power and control is held by a few internet giants. We are filled with immense excitement for what lies ahead—endless opportunities in an expansive, inclusive web3 landscape. Here's to forging ahead with more groundbreaking products and to a future where anything is possible.”

Acquisition Deal Amid Name Change

As per The Block, aside from the name change, Avara also purchased the Web3 software development firm called Los Feliz Engineering. This Los Angeles-headquartered startup is said to be behind the Ethereum-based crypto “Family Wallet.”

The newly acquired company is also known to be the developer of CoonectKit which is a React component library for linking a wallet to a dApp. As part of the deal, the founder of Family, Benji Taylor, is set to join Avara to serve as senior vice president of product and design.

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