Over the weekend, it was reported that a unit of ByteDance, the owner of the popular TikTok short video platform, established a joint venture with a Chinese state media group to explore AI and blockchain applications.
“The joint venture will focus on partnership in the digital rights of short videos,” a ByteDance spokeswoman told
Reuters.
Founded in 2012, Beijing-based ByteDance is one of the most prominent startups in China. SoftBank and Sequoia Capital backed the firm.
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