Just a few short weeks after Facebook bought Instagram for $1 billion, the social network has released its own mobile photo sharing app, aptly called Facebook Camera.

It reportedly is just like Instagram, but with a few improvements: It allows full-bleed photos, you can comment and “like” right from the app (instead of going into the Facebook app), it has a few filters, and it moves much faster than the Facebook mobile app.

The Billion Dollar Question

But why build a photo-sharing app when you just dropped a ton of cash on one last month?

It turns out the Instagram deal isn’t quite finished. The FTC is probing the purchase because of competitive reasons. They’re looking into what Instagram could have accomplished on its own and whether or not the deal will hurt competitors, giving Facebook the monopoly in mobile photo-sharing. (more…)