OneConnect, the fintech and blockchain arm of Chinese insurance giant Ping An, is planning for an initial public offering (IPO) in New York in mid-November, Reuters reported.

Citing an anonymous source, the publication reported that the company is aiming to raise $1 billion from the stock market debut, which will put the valuation of the company at $8 billion.

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Though not officially confirmed, Reuters also stated that the company hoped to list its shares by the end of this month.

Ping An Insurance Group Co of China is the largest insurance company in the country in terms of market value. Its fintech wing, OneConnect, offers several services including a blockchain infrastructure to its clients.

A reputable company providing blockchain solutions

Founded in 2015, the company is deep-pocketed and has attracted funding of around $650 million to date, according to CrunchBase. It also gained the attention of Japanese giant SoftBank and received funds from its vision fund.

According to Chinese local media 8BTC, OneConnect has provided services to over 200 banks, 200,000 enterprises, and 500 banks.

The company launched its blockchain platform last year to cope up with the changing trend in the technology market. Its blockchain solutions can be used in five ecospheres and 14 application scenarios, including finance, real estate, automobile, medical treatment, and smart city.

The company claims that its FiMAX blockchain technology can handle up to 50,000 transactions per second with a latency of fewer than 0.5 seconds. It also boasts about its zero-knowledge proof algorithm which guarantees the security of data stored on the blockchain.

It also partnered with the Hong Kong Monetary Authority (HKMA) to build a blockchain-based trade finance platform called eTradeConnect and also received a virtual banking license from HKMA for its operations in Hong Kong.