Portland Trail Blazers to Wear NBA's First Crypto Ad Patch (Sorry, PayPal)

The StormX deal is just the latest example of crypto companies going all-in on sports sponsorships.

Jul 1, 2021 at 4:00 p.m. UTC
Updated Sep 14, 2021 at 1:19 p.m. UTC

The Portland Trail Blazers will sport StormX advertising patches on their jerseys thanks to a sponsorship deal between the crypto cashback provider and Oregon's National Basketball Association team.

  • The partnership is both StormX's first with a sports organization and the Trail Blazers' first with a crypto company, according to an emailed announcement Thursday.
  • Notwithstanding PayPal, which is the current patch partner of the Phoenix Suns, StormX will be the first pure crypto firm to have its brand displayed on NBA jerseys.
  • StormX provides an app and Google Chrome extension that earns consumers cash back in crypto on purchases from selected retailers, including Uber, eBay and Microsoft. It also has its own token, STMX.
  • The partnership extends the ongoing crossover between NBA and crypto, following the success of non-fungible token platform NBA Top Shot and FTX's sponsorship of the Miami Heat's home arena.
  • StormX CEO Simon Yu, a longtime Blazers fan, sees NBA exposure as a means of driving mainstream adoption.
  • "The world will start to understand that there's more to crypto and blockchain products outside of trading," he told CoinDesk.
CoinDesk - Unknown

StormX patches will adorn Blazers jerseys starting next season. Biofreeze was the previous sponsor.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
2
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
3
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown
4
CoinDesk - Unknown
Travis Kling on Why a Decentralized Web 3 Is Worth Fighting For

Plus more about Ikigai's new Web 3 venture fund.

Plus more about Ikigai's new Web 3 venture fund.

CoinDesk - Unknown