Legal Structure

Current Corporate Structure (2025)

Parent Company: Avara Group SEZC

• Based in Cayman Islands (Registration ID: 379032)
• Also known as "Avara Labs" within the Aave ecosystem
• Primary role: Core development entity and parent company
• Owns intellectual property portfolio including LENS PROTOCOL, NEWT: AIKA, and RAAVE trademarks

Archivist's Note:

Aave has not posted any the bylaws or charter for the Cayman Foundation. While not crucial, it's a point of transparency that would be good to include.

Subsidiaries

1. Push Labs Limited (UK)

• Previously AAVE Limited (renamed March 20, 2024)
• Company Number: 11632462
• Registered Office: 128 City Road, London
• Regulatory Status: Authorized Electronic Money Institution (since 2020)
• Licensed by UK Financial Conduct Authority (FCA)
• Recent Capital: ~€13.7M injected during 2023-2024
• Current Director: Peter Dennis Kerr (British accountant)

2. Push Virtual Assets Limited (UK)

• Previously Avara Virtual Assets Limited (renamed March 20, 2024)
• Company Number: 14466793
• Registered Office: 128 City Road, London
• Current Directors:
  • Stanislav Kulechov (Finnish, Chief Executive)
  • Peter Dennis Kerr (British, Accountant)

3. Avara People Limited (UK)

• Company Number: 13729000
• Business Focus: HR services, IT consultancy, software development
• Current Directors:
  • Peter Dennis Kerr
  • Stanislav Kulechov
• Operations (2022-2023): 30 employees, assets of £19.19M

Historical Corporate Evolution

Original Structure (2018-2022)

1. AAVE SAGL (Switzerland)
   • Founded as ETHLend SAGL in February 2018 in Chiasso
   • Renamed to AAVE SAGL in September 2018
   • Initial leader: Stanislav Kulechov (Founder)
   • Status: In liquidation since September 2023
   • Was original owner of AAVE Limited (now Push Labs)

Corporate Transition (2022-2024)

1. Ownership Transfer (October 17, 2022)

   • Avara Group SEZC (previously Avara Labs Cayman Holdings SEZC) acquired ownership from AAVE SAGL

2. Subsidiary Formation

   • Avara Virtual Assets Limited established (November 2022)
   • Later renamed to Push Virtual Assets Limited (March 2024)

3. Rebranding (March 2024)

   • AAVE Limited renamed to Push Labs Limited
   • Avara Virtual Assets Limited renamed to Push Virtual Assets Limited

Capital Development

• Push Labs Limited received significant capital injections:
  • January 2023: €4,307,273.44
  • June 2023: €2,917,000
  • December 2023: €2,330,400
  • May 2024: €2,920,250
  • December 2024: €1,204,700

This structure represents the legal framework supporting Aave's protocol development and operations as of March 2025.