SirMapy and Co. DAO (SMC DAO), an online community of crypto traders and investors that funds and builds Web3 products, has acquired Bread Africa, a Nigerian app that turned crypto into naira. TechCabal reported the deal on April 6, 2026.
SMC DAO paid cash. The exact price was not disclosed, but TechCabal described it as a six-figure deal. All of Bread Africa's operating and brand assets pass to the buyer.
Chief executive Iam Etefia is stepping back from day-to-day work and will advise SMC DAO on the product. He and co-founder Maven Harry will concentrate on Loaf, a separate product that was not part of the sale. Bread Africa was under maintenance at the time of the report and will keep its basic design under the new owner.
What Bread Africa built
Bread Africa was founded in 2025 as a web app for converting digital assets into local currency. Users did not need to sign up, connect a wallet or pass know-your-customer (KYC) identity checks, which Etefia described as a frictionless experience.
The app accepted funds on several blockchains, including Base and Solana, converted them into cNGN, a stablecoin backed by the naira, and settled on Base to keep transfers fast and cheap. The cNGN was then paid out to users' bank accounts, so conversions from crypto to cash were close to instant.
Etefia told TechCabal the team had integrated cNGN before having any relationship with its issuer, because it believed the naira could be spent globally. Bread Africa later received grants from cNGN, Base and the blockchain infrastructure company Alchemy. It had processed more than $1.8 million in total payment volume by the time of the sale, according to Etefia.
“We saw what cNGN could do and believed the naira could be spent globally, not just in Nigeria, so we built around that.”
A repeat sale to the same buyer
Bread Africa was run by three people: Etefia, Harry and a community manager. It did not report any equity funding.
The deal extends an existing relationship. In 2023 Etefia sold two earlier ventures, Peniwallet and Peniremit, to SMC DAO for $250,000. SMC DAO, a decentralised autonomous organisation whose members pool money and vote on what to build or buy, had long wanted an exchange product of its own, and Bread Africa gave it one that was already helping people move from crypto into bank accounts.
For Etefia, the sale frees his small team to work on Loaf, which he presents as a Web3 bank that lets people spend crypto like cash, pay bills, buy airtime and send money across borders without using a traditional exchange. He argues it has much more room to grow than Bread Africa's original idea.
What SMC DAO plans
An SMC DAO spokesperson said Bread Africa would stay a web app with no sign-up, wallet connection or KYC requirement, and that the group intended to position it as the main place to swap cryptocurrencies, along the lines of decentralised exchanges such as Uniswap and PancakeSwap.
The buyer also plans to add an on-ramp, so users can buy crypto with local money as well as cash out, in a similar way to how MoonPay works with wallets such as Phantom. Later versions are meant to support several currencies, conversions from one traditional currency to another and access to tokenised stocks and commodities. SMC DAO described the goal as a "swap everything" platform.
Consolidation in Nigerian crypto
The deal is one of a growing number of acquisitions among Nigerian crypto startups. In 2025 the crypto company Roqqu bought Flitaa, an exchange with operations in Nigeria and Kenya, for an undisclosed amount.
Daba Finance, which reported the sale two days later, gave the same $1.8 million volume figure and the same all-cash, six-figure description. TechCabal described the deal as small but typical of a pattern in African tech, in which small teams build focused products, test them with users and sell early to larger players assembling wider financial platforms.
