SirMapy and Co. decentralised autonomous organisation (SMC DAO), a neighborhood of crypto merchants and buyers that backs and builds Web3 merchandise, has acquired Nigerian crypto startup Bread Africa in an undisclosed all-cash six-figure deal.
The deal provides to a rising checklist of acquisitions amongst native crypto startups and displays the regular consolidation underway in Nigeria’s digital asset ecosystem. In 2025, crypto startup Roqqu acquired Flitaa, an alternate platform with operations in Nigeria and Kenya, for an undisclosed quantity.
In Bread Africa’s case, the acquisition deepens an current relationship between the client and the founder: its chief govt officer, Iam Etefia, beforehand bought two earlier ventures, Peniwallet and Peniremit, to SMC DAO in 2023 for $250,000.
Based in 2025, Bread Africa operates as a web-based crypto software that permits customers to transform digital property into native foreign money. The product stripped away the standard boundaries related to crypto transactions, with no sign-ups, no pockets connections, and no Know Your Buyer (KYC) necessities, providing what Etefia describes as a “frictionless” expertise.
Behind that simplicity was a extra complicated setup. Bread Africa ran on a number of blockchains, together with Base and Solana, however finally settled transactions in compliant naira (cNGN), the naira-backed stablecoin, on Base to make transactions quicker and cheaper.
The platform transformed crypto funds into cNGN and paid them instantly into customers’ financial institution accounts, enabling near-instant crypto-to-fiat conversions.
Bread Africa additionally attracted early ecosystem backing. The startup obtained grants from cNGN, Base, and blockchain infrastructure supplier Alchemy, reflecting its early integration into rising crypto rails tied to the Nigerian market.
“We built-in them [cNGN] with out even having a relationship with them,” stated Etefia in an interview with TechCabal. “We noticed what cNGN may do and believed the naira could possibly be spent globally, not simply in Nigeria, so we constructed round that.”
The startup, run by a three-person workforce, together with Etefia, his co-founder, Maven Harry, and a neighborhood supervisor, had processed over $1.8 million in whole cost quantity (TPV) on the time of sale, in keeping with Etefia.
The acquisition transfers all of Bread Africa’s operational and branding property to SMC DAO, which has lengthy sought to personal an alternate product inside its ecosystem. Etefia will stay concerned in an advisory capability, consulting on Bread Africa’s improvement, whereas stepping again from day-to-day operations.
His workforce, nonetheless, is shifting on.
Etefia and his co-founder will now focus absolutely on Loaf, a separate product they’re constructing independently of the acquisition. The product is a big enlargement of Bread Africa’s unique idea.
Loaf goes past easy crypto swaps and capabilities as a “Web3 financial institution,” permitting customers to spend crypto as simply as money, together with paying payments, shopping for airtime, and making cross-border funds with out counting on conventional exchanges. For Etefia, promoting Bread Africa and persevering with to advise on it frees up his small workforce to focus on Loaf, which he argues has a a lot larger upside.
SMC DAO, the buying entity, operates as a decentralised autonomous organisation (DAO), an internet neighborhood that swimming pools funds and votes on what merchandise to construct or purchase, just like Shiba Inu and PEPE. For the neighborhood, Bread Africa is a prepared‑made product that already helps individuals money out of crypto into financial institution accounts.
Below its new possession, Bread Africa, which is at the moment below upkeep, will preserve its core operational identification.
“Bread Africa will stay a seamless web-based app with no sign-ups, pockets connections, or KYC required,” stated an SMC DAO spokesperson. “We’re going to place the product because the go-to swap for cryptocurrencies.”
The organisation is positioning the platform as a go-to vacation spot for swapping digital property, just like decentralised exchanges (DEXs) like Uniswap and PancakeSwap, which let customers commerce cryptocurrencies instantly with out intermediaries.
SMC DAO additionally plans to evolve Bread Africa right into a broader monetary gateway that capabilities as an on-ramp, enabling customers to alternate fiat for cryptocurrencies, and an off-ramp, to return to money. That is just like how providers like MoonPay work with crypto wallets comparable to Phantom, enabling customers to purchase and promote digital property utilizing conventional cost strategies.
Future iterations of Bread Africa will embody assist for a number of currencies, fiat-to-fiat conversions, and entry to tokenised property, comparable to shares and commodities, that are digital variations of real-world monetary devices that may be traded on the blockchain, in keeping with SMC DAO.
As a part of its post-acquisition technique, the organisation has stated it intends to rework Bread Africa right into a “swap all the pieces” platform, enabling customers to maneuver between crypto, fiat, and different digital representations of real-world property.
Whereas the deal is modest in dimension and scope, it highlights a well-recognized sample in Africa’s tech scene: small groups constructing centered merchandise, testing consumer behaviour, and exiting early, usually to ecosystem gamers seeking to assemble broader monetary platforms piece by piece.
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