StormX Becomes the Official Partner of Portland Trail Blazers
The Portland Trail Blazers haven't won a major trophy in decades, but this team is surely making headway in crypto adoption.
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The start of the blazing storm.
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Crypto companies are going deeper into sports.
The start of the blazing storm
This year seems to be filled with lucrative partnerships between cryptocurrency companies and top sports teams. The latest deal saw the NBA team Portland Trail Blazers teaming up with the crypto cash back provider StormX.
The recent statement from the 1997 winner of the NBA championship said that the team had struck a multi-year deal with the U.S.-based cryptocurrency company that has been offering its services since 2015. The StormX application, which is downloadable on Google Play and Apple Store, offers substantial cash back in crypto for online purchases. The platform also has a native ERC-20 token called StormX that can be staked in the app for greater rewards.
According to the press release published on the official website of the NBA, the Blazer's officials dubbed this deal as the "never-before-seen partnership." StormX is set to become the basketball franchise's first-ever International Rights Partner that would facilitate fan engagement on a global scale. The crypto company also gets the unique opportunity to carry out worldwide marketing campaigns using Trail Blazers name and logo, while the StormX's logo will appear as an advertisement patch on the team's jerseys starting next season.
Chris McGowan, the President and CEO of the basketball team, said that he felt enthusiastic about the prospects coming from the partnership with StormX and that he would be glad to see "such a groundbreaking, revolutionary company on the front of (our) jerseys."
The deal will also see the launch of exclusive Portland Trail Blazers non-fungible tokens (NFTs) sometime in mid-July. The tokens will be themed after the unique collection of artful posters called The Gameday Poster Series.
Crypto companies are going deeper into sports
Lately, there has been a host of other partnership and sponsorship deals between business entities that specialize in cryptocurrencies and professional sports teams. Oakland A's, which plays in the Major League Baseball (MLB), introduced the option to buy the 2021 season tickets with BTC, with all proceeds going straight to the team's balance sheet.
Back in March, a group of owners of NBA teams established the Blockchain Advisory Committee to promote the adoption of digital currencies throughout the league.
The crypto derivatives trading platform FTX has been the most active spender on marketing deals with the top-flight sports organizations in the United States. For instance, the company had paid over $100 million for the naming rights to the Miami Heat Arena while also securing the deal with the MLB and paying the iconic esports team TSM a hefty sum to rename it to TSM FTX. Lastly, Sam Bankman-Fried, who is at the helm of FTX, has recently boasted about the partnership deal with the star couple: the legendary American footballer Tom Brady and supermodel Gisele Bundchen.