TikTok Owner ByteDance Teams up With Chinese Media Firm to Create Blockchain, AI Company

TikTok’s parent company hops on the blockchain bandwagon.

The Block, citing various news sources, says that the popular video-sharing app’s owner, ByteDance, has joined forces with Chinese media company Shanghai Dongfang Newspaper to launch a new company focused on developing blockchain, AI, and other businesses.

The new company, named Pengpai Audiovisual Technology Co., is said to provide services including blockchain technology development, AI public services, internet data services, AI application development, and others.

The company, which’ll be 49% owned by ByteDance, is currently capitalized with RMB10 million (roughly $1.4 million). What sort of business it plans to do however, is still unclear.

Photo: Christoph Scholz