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Portland Trail Blazers, a leading NBA team, has announced a partnership with crypto cashback app StormX.
StormX Announces NBA Partnership
StormX is partnering with Portland Trail Blazers, it was announced Thursday.
According to a press release shared with Crypto Briefing, the NBA team will feature StormX’s logo on their match and training jerseys and provide exclusive marketing rights to the crypto cashback provider.
StormX is an app and Google Chrome extension that offers crypto cashback for shopping with popular brands like Nike, Samsung, eBay, and Microsoft. It currently offers cashback in Bitcoin, Ethereum, Litecoin, DAI, Yearn Finance, and StormX’s native token STMX.
Chris McGowan, president and CEO of Portland Trail Blazers and Rose Quarter, said of the partnership:
“We are extremely excited to have our team wear such a groundbreaking, revolutionary company on the front of our jerseys. StormX is a fresh, energetic company with Pacific Northwest roots that can educate and motivate Rip City around financial wellness and independence.”
It’s the first instance of an NBA team adding a crypto-centric firm as its prime sponsor.
Nevertheless, NBA’s association with crypto is nothing new. Players like Spencer Dinwiddie have strongly backed the crypto movement through partnerships and promoting crypto as a salary option. Furthermore, NBA Top Shot, the NFT game for trading purchase rights to iconic NBA moments, has become popular among NFT and basketball fans alike. The cryptocurrency exchange FTX has also broken into the field in recent months, signing a 19-year, $135 million sponsorship deal with Miami Heat.
StormX’s business model is similar to the online shopping tool, Honey. Companies like Honey earn from the affiliate companies whose products they sell. These firms also provide an optimized shopping experience for users across various brands, along with discounts and cashback offers.
StormX allows customers to receive crypto cashback rewards on their online shopping by enabling a Google Chrome extension. Another incumbent in the space is Lolli, which offers exclusive Bitcoin rewards.
The promotion of crypto payments is favorable for online brands looking to save on costs paid to bank partners and payment processors like VISA, which range between 1 and 3% on all purchases.
Honey’s venture capitalist Plug and Play Ventures purchased early stakes in StormX by leading a $6.03 million fundraise in April this year.