Facebook releases Instagram clone for iPhone and iPad

Well this is kinda surprising. They just bought instagram and then release their own clone which they obviously have been working on for a while. The app is only available via iTunes so it is not available for Android yet, although I assume it will be very soon. But the question is, why did Facebook buy Instagram for 1 Billion if they were just going to release their own version anyway? Was it a copyright issue? I would doubt it considering there are 20 other Instagram clones in the market.

Anyway, here is a link to the app: http://itunes.apple.com/us/app/facebook-camera/id525898024?ls=1&mt=8

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