The Portland Trail Blazers announced StormX will be their new jersey patch sponsor, the first such deal with a cryptocurrency provider in the NBA.
StormX was founded in Seattle by Calvin Hsieh and Trail Blazers fan Simon Yu with the hopes of increasing financial independence in young adults in a way that is purposeful and empowering.
“We’re honored to be the first crypto company to form a jersey sponsorship with not only a team of such high caliber, but also with a league of the same stature,” said Simon Yu, CEO and Co-Founder of StormX. “Like the Trail Blazers namesake, we see ourselves as trail blazers in the drive for the mass adoption of crypto, by helping everyday people earn crypto while they shop.”
The cryptocurrency company is also minority-owned, making it one of the few minority-owned jersey patch partnerships in the NBA.
“We are extremely excited to have our team wear such a groundbreaking, revolutionary company on the front of our jerseys,” Blazers president Chris McGowan said of the deal. “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.”
In 2014, the Sacramento Kings were the first professional sports franchise to accept Bitcoin as a form of payment. Recently, the league lent its license to NBA Top Shot, which has seen fans and some players spend large sums on NFTs.
In addition to the StormX logo on the front of all Trail Blazers game jerseys, practice jerseys and in-arena assets, StormX and the Blazers will partner on a community-based initiative to be announced later. The Blazers will also release an NFT in mid-July to celebrate their new sponsorship deal with StormX.