StormX
Facts
- HQ
- Seattle
- Sectors
- Cryptocurrency, Rewards Platform, Fintech
- Stage
- Startup
FTX Collapse Sparks Industry Turmoil as Seattle Crypto Startups Secure $30M Funding Amid Market Downturn
The collapse of FTX caused significant disruption in the crypto industry, impacting companies like BlockFi and Genesis, and leading to a decline in venture capital investments in crypto startups. Despite these challenges, Seattle-area crypto startups have secured about $30 million in funding this year, with optimism persisting among local crypto leaders.
Portland Trail Blazers End StormX Jersey Sponsorship After One Season, Seek New Partner
The Portland Trail Blazers are ending their jersey sponsorship with Seattle-based crypto startup StormX, a deal that started in the 2021-22 season and was intended to last five years. The team announced on September 30, 2022, that they are seeking a new jersey partner amid the broader market challenges facing crypto companies.
Seattle startups push into crypto, blockchain and Web3 amid investor caution and regulatory shifts
The article lists Seattle startups building products and services around crypto, blockchain, and Web3, noting the region’s talent but limited local investor interest and regulatory uncertainty. Industry leaders cite Seattle’s potential as a cloud-computing hub while warning entrepreneurs face funding disadvantages compared with other jurisdictions.
Concreit launches app enabling $1 real-estate investments after $6M seed round led by Matrix Partners
Seattle-based Concreit launched a mobile app this week that lets users invest in its real estate fund from as little as $1, backed by a $6 million seed funding round. The fund, co-founded by CEO Sean Hsieh, has an annualized return of 5.47% (July 1, 2020–July 1, 2021) and offers weekly payouts or on-demand withdrawals.
StormX raises $9M from Optimista Capital to expand rewards app, plans debit card after Portland Trail Blazers jersey deal
Seattle crypto startup StormX raised $9 million from Optimista Capital to expand its rewards platform and launch a debit card, after a prior $6 million round and an NBA jersey sponsorship with the Portland Trail Blazers.
Simon Yu, ex-Bomba Fusion owner, leads crypto startup StormX and lands Portland Trail Blazers sponsorship
Seattle entrepreneur Simon Yu closed his Korean-Mexican food truck Bomba Fusion and pivoted to cofound StormX, a fast-growing crypto startup he launched in 2015; recently StormX secured a sponsorship deal with the Portland Trail Blazers as Yu reflects on his journey from financial hardship to startup success.
StormX signs five-year, eight-figure jersey patch deal with Portland Trail Blazers starting 2021-22
Seattle crypto startup StormX signed a five-year, eight-figure jersey patch deal with the NBA’s Portland Trail Blazers starting in the 2021-22 season, becoming the first cryptocurrency company to sponsor an NBA jersey. The agreement includes in-arena branding, exclusive blockchain partner rights, international marketing/distribution rights, and highlights StormX’s growth (3M+ app downloads, $209M token market value).
