- Aave’s parent firm, Aave Companies, has changed its name to Avara
- The name change is part of the company’s mission to venture deeper into web3
- The rebranding will not affect the name of DeFi platform Aave
DeFi platform Aave’s parent firm, Aave Companies, has rebranded to Avara in a quest to venture deeper into the web3 world. The name change won’t affect that of the DeFi platform Aave or other of its products such as the GHO token and Lens Protocol. The rebranding comes at a time when web3 platforms are upgrading or expanding their product offering to increase their user base, which is likely to translate to more revenue, especially in the current prolonged bear market.
It Means Extensive or Open
According to Avara CEO Stani Kulechov, the rebrand was necessitated by the need for a name that reflects the company’s broad offering and its mission to increase its footprint in the blockchain world.
Kulechov added that his company intends to bring more people into the web3 space through “intuitive and compelling products.” He also said that the rebrand is part of aligning the company with what has been happening in the blockchain industry.
The Avara executive observed that blockchain technology should be “usable and fun.” According to the CEO, “Avara” is a Finnish word meaning “extensive [or] open” among other meanings along those lines.
Apart from rebranding from Aave Companies to Avara, the company also announced the acquisition of Family Wallet, an Ethereum-powered wallet developed by Los Feliz Engineering which was also part of the acquisition deal.
Enhancing Web3 Social Platform
Los Feliz Engineering’s team will join Avara in different roles with the CEO heading the product and design department. The team will help Avara enhance its web3 social platform Lens Protocol.
The rebrand comes five months after a proposal to define a debt ceiling for Aave users divided the community and three months after Aave’s Earning Farm lost over $280,000 in an exploit.
Although Aave Companies has rebranded, it’s yet to be seen whether the rebrand will reflect in the company’s product lineup or features.
