According to AllThingsD latest reports, microblogging website Twitter has acquired a New York-based video sharing company Vine.

Further, the report suggested that the acquisition amount is still undisclosed and interestingly Peter Kafka and Mike Isaac first presented the deal as an “acqui-hire," however later they were informed that the product could still launch at some point.

So far, there is some indication that Vine could launch as a standalone service, but there has been no official comment at this time. In the report, Vine has described itself as “the best way to capture and share video on your iPhone." The video sharing service specializes in very short clips spanning only a few seconds each. That would fit in well with twitter, and its hard character limit focused on short messages.

According to Quora users who have tested its iPhone app, it lets people create 6-second video clips. These clips loop, as you would expect from an animated gif, but with sound. In other words, they would answer the wish that Jack Dorsey shared on Twitter a few days ago:

According to the report, if Vine gets launched, it would have had plenty of competition from other video-sharing services, including Viddy, Keek and Tout and others.

Right now, there has been no confirmation on the acquisition from the end of Twitter and Vine.

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