There has been a lot of speculation about how blockchain and cryptocurrency will infiltrate the masses, and Amalgam may just be the solution. This LA startup just entered into a partnership with the LA Clippers and the Staples Center, so Clippers fans now have the option to buy concession food through Amalgampay, which instantly converts cryptocurrency into fiat money. Amalgam also offers a suite of tools for enterprises that include functions such as a point-of-sale application, supply chain software, and an AI platform. As a result of Amalgam’s partnerships with the Clippers, The Staples Center will be fully implementing this suite of tools to help manage its business operations
LA TechWatch spoke with CEO Jeremy Jordan-Jones about the exciting trajectory of his company.
Tell us about the product or service that Amalgam offers.
At Amalgam, we’re developing an entire suite of blockchain-based software products. We’ve built a peer-to-peer payment app, a point-of-sale application, supply chain/project management software, and an Artificial Intelligence platform as well.
How is Amalgam different?
Most of these software applications are already used by everyday consumers and enterprise organizations; we’re just bringing them up to speed by having their operations run on the blockchain. This allows them to clear payments faster, transfer information quicker and vastly reduce human error.
What market is Amalgam attacking and how big is it?
Well, when you take into consideration that we’re penetrating a myriad of overlapping industries, we’re in a fairly unique situation. The P2P Payments, Point-of-Sale and Supply Chain/Project Management Analytics markets are worth approximately $120B, $116B and $10B, respectively. That’s approximately $246B, not including the size of the overall cryptocurrency market, which is worth roughly $120B. All-in-all, we’re entering markets with a total capitalization of about $360B.
What is the business model?
Our approach is two-tiered. The first tier was executed with our point of entry presented in the form of consumer-facing products, such as our cryptocurrency and P2P payments applications. Consumers tend to be far more receptive to the idea of optimizing something that they already do every day than to trying to learn something new and foreign. We feel that rather than trying to replace the current infrastructure that they’re familiar with, we’re likely to have more success by merely integrating ourselves into things that they already know how to do.
The second tier in our approach is almost entirely enterprise-facing. Each member of our team has either worked for or with a large scale organization at a high level, so we’re supremely qualified to identify the various metrics in the healthcare, data, manufacturing, hospitality and finance industries. The beauty of what we’re doing is that we can take an approach that is similar to that of our consumer-facing products. We’re far more focused on integration of these products rather than complete replacement of our customers’ and clients’ current infrastructures.
You recently signed a partnership with the LA Clippers. Would you like to tell us more about that?
Our partnership is the first of its kind, so naturally we’re all very excited.
The nature of the partnership is twofold: we’re educating the general public about the various benefits of blockchain and cryptocurrency all while planning implementation of our full software suite into the LA Clippers’ and Staples Center business operations. The latter initiative matters so much to my team and I because that is Amalgam’s mission statement at its core. Cryptocurrency and Blockchain have each gotten a bad rap, but we’re here to show the world that it’s far more beneficial and less complicated than it appears. Furthermore, the implementation aspect of this partnership speaks volumes for not just Amalgam, but the Blockchain tech industry in general. This allows us proof-of-concept on a massive level as we partner with one of the world’s most valuable sports franchises.
Tell us a little about your background and what inspired the business?
I’m a serial entrepreneur with a breadth of experience in tech and creative media. The first company I ever worked on was a photo application that aggregated the visual experiences of all attendees at any given sports or live entertainment event and created a massive composite of those experiences to paint a bigger picture. I suppose that experience naturally attracted me to the concept of millions of individuals contributing their own unique data into a much larger data set that no one individual controls. I’d say that right there is decentralization in its essence.
That being said, I originally started this company in late 2017 while we were in the midst of the Bitcoin craze. After benefitting from the upswing of BTC’s volatility, I reached out to some of the brightest minds that I know and we set out to create a much safer, more stable cryptocurrency that could be used in everyday situations. Shortly thereafter, I realized an opportunity to change far more than cryptocurrency. We realized that the very solutions we were working on could be translated into the overall user experience of various software applications, all while improving efficiency in our everyday lives by means of blockchain technology.
Tell us what building your company in LA has been like?
I chose LA because of its Tech + Media intersect, familiar with the landscape as a creative, and LA is within arm’s reach of SV and SF
What are the milestones that you plan to achieve within six months?
The next six months for us are about implementation. We’re currently planning the release of our peer-to-peer payment application, AmalgamPay. We’re also really excited about the idea of cryptocurrency becoming ubiquitous. AmalgamPay will allow users to purchase anything available with Apple Pay, Android Pay or Samsung Pay by instantly converting their cryptocurrency into fiat (USD, GBP, Yen, etc) at the register. Over the next fiscal quarter, we plan to roll out TRAQ, our supply chain and project management software with our enterprise clients.
The next six months for us are about implementation. We’re currently planning the release of our peer-to-peer payment application, AmalgamPay. We’re also really excited about the idea of cryptocurrency becoming ubiquitous. AmalgamPay will allow users to purchase anything available with Apple Pay, Android Pay or Samsung Pay by instantly converting their cryptocurrency into fiat (USD, GBP, Yen, etc) at the register. Over the next fiscal quarter, we plan to roll out TRAQ, our supply chain and project management software with our enterprise clients.
If you could be put in touch with one person in the LA Tech community who would it be and why?
Amalgam’s ongoing mission is to always be in touch with one type of person, The Consumer.
What does being “Made in LA” mean to you and your company?
While our headquarters are in Los Angeles, we’re incredibly proud to be bi-coastal (with offices in LA, DC and NY). LA is the perfect backdrop for our overall mission as a blockchain company seeking to integrate safe, secure and mainstream use of the technology into everyday life. There is no shortage of creative ingenuity in this city and I’d like to think that we’ve taken full advantage of that.
What else can be done to promote early-stage entrepreneurship in Los Angeles?
I strongly feel that entrepreneurs need to re-think networking. How are we supposed to innovate if we’re still connecting the dots the same way that we have been for years?
Some of my favorite networking events have taken place in the most non-conventional settings. I recently attended a networking event for creatives that took place in a backyard with a DJ, a standup comic and various motion graphics being projected on a wall. I’m not necessarily saying that I believe that all networking events should be so far outside of the box, but entrepreneurship thrives the most during situations in which people are a bit out of their comfort zone or avoiding adhesion to so-called “norms”.
If you change the way you look at things, the things you look at change.
What is your favorite restaurant in LA?
I’d say my go-to spot is The Rooftop by JG at the Waldorf Astoria Beverly Hills, followed by Jean-Georges, also located within the same hotel. Not only are the food and beverage options outstanding, but the views are spectacular and the service is second to none…absolutely unparalleled. If you find yourself in the area, be sure to stop by and check it out! My good friend Ja Sean Hall is the General Manager and she always takes amazing care of myself, my team and our dinner guests. I highly, highly recommend!
