The Portland Trail Blazers are ending the team’s jersey sponsorship with Seattle crypto startup StormX.
The initial plan was to extend the jersey agreement for five years beginning with 2021-22. Last year, the StormX logo was featured on Blazers jerseys. It was added again by the team this week. produced promotional content.
On Friday, however, The Blazers stated that they were seeking a jersey partner.
“As we tip-off the 2022-23 season, we will launch a search to identify a new jersey patch partner as we’ve ended our current relationship with StormX,” the team said in a statement. “We’ll share additional information in the near future on this exciting new opportunity.”
StormX shared additional information with GeekWire. These details will be available to us when we get back.
StormX is an online company based in Seattle that provides cryptocurrency rewards to customers who shop in retail stores. The company was founded in 2015. It also has its own token called STMX.
StormX was the first crypto company to be an NBA jersey sponsor and the first crypto brand to work with the Trail Blazers, highlighting the technology’s growing adoption and popularity in recent years.
The wider market slowdown is causing a significant impact on crypto businesses. Bitcoin prices have fallen significantly, as has the value of other crypto currencies. Both Coinbase and Robinhood had to fire their staff during the crypto boom. Robinhood has seen its share price fall more than 70% from the start of 2017.
The NBA in 2017 introduced its jersey patch sponsorship program that allows teams to earn revenue from companies who pay to get their logo stitched on the front left shoulder area of jerseys.
The Athletic 2020 report estimates that the deals will be worth between $7 and $10 million. Los Angeles Lakers recently signed a 5-year jersey contract that is worth over 100 million.
The Trail Blazers previously had a jersey deal with Performance Health and its Biofreeze brand.
Portland, Washington, will fly to Seattle Monday Oct. 3rd to play a friendly against Los Angeles Clippers. The first NBA game will be played at Climate Pledge Arena.