Aave, the crypto lending protocol has now rebranded to Avara.
As part of the strategic changes Aave made to its change, it also purchased Los Feliz Engineering, a Los Angeles-based startup that develops web3 products.
This Loz Feliz acquisition also puts Family and ConnectKit, a self-custody wallet and a developer library respectively, under Aave's umbrella.
Furthermore, Avara will also welcome Benji Taylor, the founder of Family, as the Senior Vice President of Product and Design, along with the entire engineering team from Los Feliz Engineering.
Aave used to be known for its lending protocol, which allowed users to borrow and lend crypto assets.
Aave also had about $10 billion in TVL and supported more than 30 different assets, including stablecoins, tokens, and NFTs.
However, Avara's vision goes beyond lending. Aave has been rebranded into a company that aims to create a version of the internet that is open, decentralized and innovative.
According to Stani Kulechov, Avara's founder, the Avara team believes that this new transformation will create a fair playing field that fosters new businesses and accommodates all users, creatives and protocols.
To achieve this vision, Avara has now been expanding its portfolio by buying and developing new products and services.
Just like what we saw with Facebook and Meta, Avara is now the parent entity of other smaller companies including Aave Labs, Sonar, and Family.
Los Feliz Engineering was founded in 2021 by Benji Taylor, a former product designer at Coinbase and Facebook.
The company has so far, developed two innovative products known as Family and ConnectKit.
Family, aside from being as capable as any other Ethereum-based wallet, supports NFT-based avatars.
Users can then customize these avatars, and use them across different platforms. Family, so far, has been successful, and has over 100,000 users with over $500 million in transactions processed so far.
ConnectKit, on the other hand, is a developer library that provides tools that developers can use to easily connect to Ethereum, access web3 data, and build user interfaces.
Both of these companies are now under Avara's umbrella and will be used to enhance the company's web3 offerings.
With the rebranding to Avara, the company aims to position itself as the go-to brand for web3 features and services.
This move comes after Avara bought Sonar, a web3 social gaming app in 2022. In conclusion, Avara intends to leverage Loz Feliz's expertise in developing its upcoming messaging app, Honk on the Lens Protocol.
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