SMC DAO’s Six-Figure Deal for Bread Africa Signals Maturing Nigerian Crypto Market

Bread Africa launched with one goal: let users send crypto and receive naira instantly with no sign-ups, wallets or KYC. Its simple interface masked a deep understanding of local and global payment challenges. Founder Iam Etefia, alongside co-founder Maven Harry, quietly built the platform to bridge fast digital assets and slow regulated systems. In under two years, the three-person team processed over $1.8 million in volume before being acquired. SMC DAO has purchased Bread Africa in an undisclosed all-cash six-figure deal. The DAO plans to preserve the service’s frictionless model while expanding it into a broader financial gateway that supports multiple assets. Etefia will stay on as an adviser but is already focused on his next venture, Loaf, a Web3 banking solution for seamless bill payments, airtime purchases and global transfers.

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