By CryptoNews - 5 months ago - Reading Time: 2 minutes
Aave Rebrands to Avara, Announces Latest Acquisition in Web3
Source: AvaraAave has announced its rebranding to Avara and the acquisition of Los Feliz Engineering, a Los Angeles-based web3 startup.
Avara is the home to some of the most innovative web3 brands: @aave, @lensprotocol, @ghoaave, @sonar, and now @family all building towards a people powered internet that benefits all.
— Avara^ (@avara) November 16, 2023
Los Feliz Engineering, the acquired startup, is recognized for its development of the self-custody Ethereum wallet Family and the developer library ConnectKit. This acquisition brings Family and ConnectKit under Avara, now the parent entity of Aave Labs, Sonar, and Family.
Benji Taylor, the founder of Family, will also join Avara as the Senior Vice President of Product and Design, along with the entire engineering team from Los Feliz Engineering.
“I’m incredibly excited to collaborate with Avara and look forward to contributing our expertise to their already talented team,” said Taylor.
Expansion of Avara’s Ecosystem
With the rebranding to Avara and the acquisition of Los Feliz Engineering, the company is broadening its scope in the web3 sector. This step signifies Avara’s commitment to expanding its offerings and integrating new technologies into its web3 portfolio.
Avara founder Stani Kulechov said, “We believe this transformation will foster new businesses and offer a fair playing field, creating a vibrant web3 ecosystem that benefits all participants – users, creatives, applications, networks, algorithms, protocols, and DAOs alike.”
“These are significant strides toward our ultimate mission: an open, decentralized internet that’s equitable, inspires participation and fosters innovation,” said Kulechov.
“Whether you’re a startup looking to build from the ground up in web3 or an existing business keen to add decentralized features,” said Kulechov, “Avara aims to serve as the go-to brand for state-of-the-art web3 features and services that can seamlessly integrate into any application.”
This move follows Avara’s previous acquisition of Sonar in December 2022. Sonar, a web3 social gaming app that supports NFT-based avatars, was the first “social metaverse” powered by Avara’s Lens Protocol. Sonar co-founders Ben South Lee and Randolph Lee also joined Avara upon acquisition.
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Original source: CryptoNews