SirMapy and Co.’s decentralized autonomous organization (SMC DAO), a community of crypto traders and Web3 investors, has acquired Nigerian crypto startup Bread Africa in an all-cash deal reported to be in the six-figure range. The transaction adds to a growing wave of acquisitions in Nigeria’s digital asset space, reflecting ongoing consolidation in the country’s crypto ecosystem.
For Bread Africa, the acquisition builds on an existing relationship with SMC DAO. CEO Iam Etefia previously sold two ventures Peniwallet and Peniremit to the DAO in 2023 for $250,000. Founded in 2025, Bread Africa offers a web-based crypto application that converts digital assets into local currency without the usual barriers: no sign-ups, no wallet connections, and no Know Your Customer (KYC) requirements, providing what Etefia calls a “frictionless” experience.
Under the hood, Bread Africa relied on multiple blockchains, including Base and Solana, but settled transactions in cNGN, the naira-backed stablecoin on Base, to make transfers faster and cheaper. The platform converts crypto into cNGN and deposits funds directly into users’ bank accounts, enabling near-instant crypto-to-fiat conversions.
The startup also attracted early support from cNGN, Base, and blockchain infrastructure provider Alchemy, demonstrating its early integration into Nigeria’s emerging crypto rails. At the time of sale, the three-person team had processed over $1.8 million in total payment volume.
SMC DAO will now assume control of Bread Africa’s operations and branding. Etefia will remain as an advisor, stepping back from daily operations, while his co-founder and team move on to a new venture, Loaf. The new product expands on Bread Africa’s concept, functioning as a “Web3 bank” that allows users to spend crypto like cash paying bills, buying airtime, and making cross-border transfers without traditional exchanges.
For SMC DAO, Bread Africa offers a ready-made crypto-to-fiat product for its ecosystem. The organization plans to keep the app’s core simplicity no sign-ups or KYC and position it as a leading swap platform, similar to decentralized exchanges like Uniswap or PancakeSwap. Future updates will expand support to multiple currencies, fiat-to-fiat conversions, and tokenized assets such as stocks and commodities, creating a broader financial gateway.
While modest in scale, the acquisition illustrates a growing trend in Africa’s tech scene: small, focused teams building niche products, testing user behavior, and exiting early to larger ecosystem players looking to assemble broader financial platforms piece by piece.
