The Portland Trail Blazers have announced that they will have a new jersey sponsor starting in the 2021-22 season. StormX, a cryptocurrency startup out of Seattle, will take over the sponsorship. It is the first partnership with a cryptocurrency company in the NBA.
Fresh, groundbreaking, revolutionary.— Portland Trail Blazers (@trailblazers) July 1, 2021
We’re excited to announce we are joining forces with @stormxio, the first cryptocurrency jersey patch partner in the NBA! https://t.co/hAHDdMABDA pic.twitter.com/ZWpmp9k2wr
According to Taylor Soper of GeekWire, the deal includes more than a jersey patch.
StormX didn’t reveal specific financials but said it signed an eight-figure contract that also includes in-arena branding and the rights to be the “exclusive blockchain partner of the Portland Trail Blazers.” It also has rights to distribute and conduct team-identified marketing internationally.
StormX’s primary product is an app that gives users cryptocurrency rewards for shopping with partner retailers.
“We are extremely excited to have our team wear such a groundbreaking, revolutionary company on the front of our jerseys,” said Chris McGowan, President & CEO, Portland Trail Blazers and Rose Quarter, via press release. “StormX is a fresh, energetic company with Pacific Northwest roots that can educate and motivate Rip City around cryptocurrency and earning Crypto Cashback. I look forward to taking these next steps together as partners.”
You can read more about the partnership here.