SMC DAO Acquires Bread Africa to Expand Financial Gateway

In a significant move for Nigeria’s digital asset ecosystem, SirMapy and Co. decentralized autonomous organization (SMC DAO) has acquired local crypto startup Bread Africa in an all-cash transaction valued at six figures.

The acquisition deepens an existing relationship between the organizations - SMC DAO previously purchased two ventures led by Bread Africa founder Iam Etefia, Peniwallet and Peniremit, for $250,000 in 2023. The deal highlights ongoing consolidation within Nigeria’s crypto market as startups seek greater scale.

Bread Africa’s Frictionless Approach

Founded in 2025, Bread Africa offered a web-based platform allowing users to convert digital assets into local currency without complex sign-up processes or KYC requirements. Etefia described this as providing a “frictionless” experience for crypto transactions.

Under the hood, Bread Africa utilized multiple blockchains (including Base and Solana) but settled transactions in cNGN - the naira-backed stablecoin on Base - to ensure speed and cost efficiency. Users could convert crypto funds into cNGN and receive near-instant payouts directly into their bank accounts.

The startup also secured grants from cNGN, Base, and Alchemy, demonstrating early ecosystem support for its innovative approach.

Future Vision: A ‘Swap Everything’ Platform

With this acquisition, SMC DAO gains a ready-made product that addresses a key user need - converting crypto to local currency. The organization plans to:

• Maintain Bread Africa’s core identity as a seamless swap platform with no sign-ups or KYC
• Expand functionality to include fiat-to-crypto onramps and offramps (similar to MoonPay)
• Support multiple currencies and asset types beyond crypto
• Introduce tokenized assets like stocks and commodities for trading

Etefia will remain involved as an advisor while his team focuses on Loaf, a new product offering expanded financial services including bill payments, airtime purchases, and cross-border transactions.

The acquisition underscores the growing trend of DAOs acquiring promising startups with strong community backing and clear utility in emerging markets like Nigeria.