The second announcement that Arc System Works made at EVO 2017 was an entirely new game, titled BlazBlue Cross Tag Battle. As the title suggests, the game is a 2 on 2 tag team fighting game. Also as the title suggests, it features not only BlazBlue characters, but guests as well, from Persona 4 Arena, Under Night In-Birth Exe:Late[st], and RWBY.
You can see the trailer for the game below:
The trailer shows off the tag team combat system, as well as assist supers. It also shows five playable characters: Ragna the Bloodedge and Jin Kisaragi from BlazBlue, the protagonist/Yu Narukami from Persona 4, Hyde Kido from Under Night In-Birth, and Ruby Rose from RWBY.
No announcements were made regarding release platforms, but we know that the game will be coming sometime in 2018.