The Portland Trail Blazers are ending the team’s jersey sponsorship with Seattle crypto startup StormX.
The shirt deal was originally set to run for five years, starting with the 2021-22 season. The StormX logo appeared on Blazers jerseys last year, and just this week when the team produced promotional content.
But the Blazers announced on Friday that they were looking for a partner for the new jersey.
“As we announce the 2022-23 season, we will initiate a search to identify a patch partner for the new jersey as we have ended our current relationship with StormX,” the team said in a statement. “We will be sharing additional information about this exciting new opportunity shortly.”
GeekWire has contacted StormX for additional information and will update when we get back to you.
Founded in 2015, Seattle-based StormX operates a platform that allows users to earn cryptocurrency rewards when they shop at stores. 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.
But crypto companies have took a hit this year amid the general market downturn, the prices of bitcoin and other cryptocurrencies dropping significantly. Crypto giants Coinbase and Robinhood both laid off employees this summer and their stock prices have fallen more than 70% in the past year.
The NBA in 2017 introduced its jersey crest referral program which allows teams to earn revenue from companies that pay to have their logo sewn onto the front left shoulder area of jerseys.
The Trailblazers previously had a shirt contract with Performance Health and its Biofreeze brand.
Portland travels to Seattle this Monday, Oct. 3 for a preseason game against the Los Angeles Clippers, the first NBA game to be played at Climate Pledge Arena.
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