The Chinese Insurance Corporation Ping An operates its blockchain exchange. Today, their subsidiary OneConnect announced that they’d be offering their initial public offering by November 2019. The IPO will be launched through the NYSE, as cited through an anonymous source. This would make the first initial public offering relating to cryptocurrency available on the New York Stock Exchange. its aims to acquire $1 Billion with its IPO, which would make the companies network $8 Billion. However, none of this information has been confirmed by Ping An or OneConnect, with Reuters indicating that these rumours are true.
Ping An Insurance Group Corporation is the largest insurance company operating in the communist regime of China. Their FinTech Wing governs their subsidiary OneConnect, which manages several blockchain services including infrastructures for sale. The FinTech Wing was first founded in 2015, earning more than $650 Million in funds from their cryptocurrency exchange. This far outweighs their competitors in China and other Asian countries. Their services are expanding daily with more than 200,000 Company’s managing their funds through the OneConnect platform. Subsequently, this has enabled more than 500 companies to work under the OneConnect platform.
OneConnect released its blockchain platform during significant changes in the digital currency market worldwide. Regardless of the changes, their blockchain solutions are available in five ecospheres that present fourteen application scenarios. These include finance, automobiles, real estate, smart homes and medical treatments. Application scenarios upwards of 50,000 can be processed per second under the OneConnect platform.
Furthermore, all data is securely stored with a proven defence algorithm. It’s these two factors that have enabled for OneConnect to become popular worldwide. There’s also a recent partnership with the Hong Kong Monetary Authority that will allow these blockchain solutions to enter additional markets.