This strikes me as a response to Snapchat's recent success with fun video filters. If you look at the App Store rankings, they've clearly boosted Snapchat's ranking past Instagram and Facebook recently, as they're totally viral and people seem to be using them nonstop whenever I'm on.
It launched back in December. I was lucky to see it as soon as it launched because I follow one of its main developers for years because he always made great extensions for Adobe Air and I definitely loved the app as soon as I tried it, so congratulations to the team :) (and with the new office they were streaming from the other day)
Congrats to the MSQRD team!