An American basketball team, the Portland Trail Blazers, have now joined the Dallas Mavericks among NBA teams getting involved in the crypto industry. The Trail Blazers Twitter page revealed on Thursday that the team will partner with blockchain company StormX. The Portland Trail Blazers jersey will now feature a logo of an online cryptocurrency platform.
According to a report from earlier this week, The Portland Trail Blazers will wear the logo on the Jersey for the following five years. Although specifics about the business arrangement were not revealed, Jersey logo arrangements are not cheap. It’s reported to cost as much as $10 million per year for this alone. There were other stipulations to the deal which also include in-arena branding.
StormX and the Trail Blazers also announced plans to create Portland Trail Blazers NFTs which will feature posters and other types of fan merchandise. Chris McGowan, the CEO of the Trail Blazer spoke highly of the partnership saying:
“We are extremely excited to have our team wear such a groundbreaking, revolutionary company on the front of our jerseys. StormX will educate and motivate Rip City around cryptocurrency and earning crypto cashback.”
A co-founder of StormX, Simon Yu, is a native of Washington State and grew up in Portland. In a recent comment, Yu said:
“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.”
Yu has been a fan of the Trail Blazers for his whole life, so this is a big moment for him.
What is StormX?
StormX is an online platform founded in 2015 where users can get paid in crypto when they do business with any one of the 750 retailers that StormX has listed on their site. Some of these retailers which shoppers may earn crypto with purchases through StormX include Nike, Samsung, Microsoft, and many others. StormX has also partnered with big names in the crypto industry including Maker DAO, Trust Wallet, and Kyber Network.
StormX plans to release a debit card available for platform members later this year. To use the StormX platform, one needs to simply download the app from their website, and they can instantly earn crypto cashback depending on their membership category. Members who have the premium membership can earn cash back rates as high as 87.5% on certain items. For those who do a lot of online shopping and also love crypto, StormX could be an interesting way to add to one’s crypto portfolio.
Final Thoughts on Portland Trail Blazers jersey StormX logo
The Trail Blazers aren’t the only NBA team to sign a deal with a cryptocurrency business. The Miami Heat signed a deal with the exchange FTX and renamed their stadium FTX arena. There are also many more examples of NBA partnerships with crypto businesses. It appears crypto and blockchain will continue to play a role in the sports and entertainment industries for years to come, especially as NFTs are being rapidly developed by brands and artists.
If you enjoyed this article, you might also be interested in reading this one Brazilian crypto exchange raises 200 million from Softbank.
Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.
