Portland Trail Blazers End Sponsorship with Crypto Firm StormX Four Years Early

The Portland Trail Blazers have ended their jersey sponsorship deal with crypto firm StormX, just four days after the team wore jerseys featuring the brand logo at media day, and as reported by Front Office Sports.

The StormX logo started appearing on the Trail Blazers jerseys in the 2021-22 season as part of a deal that was supposed to run for four more years.

“As we tip-off the 2022-23 season, we will launch a search to identify a new jersey patch partner as we’ve ended our current relationship with StormX,” the team said in a statement. “We’ll share additional information in the near future on this exciting new opportunity.”

Founded in Seattle in 2015, StormX operates a platform where people can earn cryptocurrency awards when shopping at stores. The firm also launched its own token called STMX.

While no details about the exact reasons for cancelling the deal were given by the Portland Trail Blazers yet, it's likely that it's related to payment issues. All in all, the story is very similar to what's happening over at Serie A team Inter and their crypto sponsor, Digitalbits.