Aave, the prominent blockchain technology company, has recently undergone a rebranding initiative, changing its name to Avara. As part of this transformation, Avara has also announced the acquisition of Los Feliz Engineering, a promising web3 startup based in Los Angeles. This strategic move aims to expand Avara’s presence in the web3 sector and strengthen its portfolio of innovative technologies.
Acquisition of Los Feliz Engineering
Los Feliz Engineering has gained recognition for its remarkable contributions in the blockchain industry. One of their notable developments is the self-custody Ethereum wallet called Family, which has gained popularity among users. Additionally, they have created ConnectKit, a developer library that has proven to be versatile and efficient.
With this acquisition, Avara brings the expertise and offerings of Family and ConnectKit under its umbrella. As a result, Avara now encompasses Aave Labs, Sonar, and Family as its subsidiary entities. Benji Taylor, the founder of Family, will be joining Avara as the Senior Vice President of Product and Design. Moreover, the entire engineering team from Los Feliz Engineering will also become part of Avara’s talented workforce.
“I’m incredibly excited to collaborate with Avara and look forward to contributing our expertise to their already talented team.” – Benji Taylor
Expansion and Integration in the web3 Sector
This acquisition signifies Avara’s commitment to growth and innovation within the web3 sector. By integrating Los Feliz Engineering’s technologies and knowledge, Avara aims to broaden its offerings and provide cutting-edge solutions to its clients. Stani Kulechov, the founder of Avara, expressed his belief that this transformation will create a vibrant ecosystem in the web3 industry that benefits all participants.
“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.” – Stani Kulechov
With a vision of an open and decentralized internet, Avara is dedicated to inspiring participation and fostering innovation. It aims to become the go-to brand for state-of-the-art web3 features and services that seamlessly integrate into any application. Whether it’s startups building from scratch or existing businesses incorporating decentralized features, Avara is positioning itself as a reliable partner in the web3 landscape.
This significant step follows Avara’s previous acquisition of Sonar, a web3 social gaming app, in December 2022. Sonar, powered by Avara’s Lens Protocol, is recognized as the first “social metaverse” that supports NFT-based avatars. The co-founders of Sonar, Ben South Lee and Randolph Lee, have also joined Avara as part of the acquisition. Avara’s continuous acquisitions and expansions demonstrate its dedication to revolutionizing the web3 industry.
