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Portland Trail Blazers to promptly end jersey patch deal with cryptocurrency firm StormX
The Portland Trail Blazers are terminating their multi-year jersey patch agreement with cryptocurrency firm StormX, signed last year and set to expire in 2026.
The NBA team is now looking for a replacement jersey patch sponsor.
StormX was the first crypto-based company to sign an NBA jersey patch sponsorship and the first crypto brand to work with the Blazers.
The deal, reportedly for eight figures, included in-arena branding, the right to be the ‘exclusive blockchain partner of the Portland Trail Blazers, and the rights to both distribute and conduct team-identified marketing internationally.
StormX is not believed to have had financial issues, but the news comes as cryptocurrency companies continue to struggle due to the market's severe slowdown, which has caused the prices of bitcoin and other cryptocurrencies to plummet.
A Seattle-based startup, StormX boasts its crypto token, STMX. It allows users to earn crypto rewards while shopping.