Snapchat valuation reaches $20 billion with new round of funding: Report
Snapchat valuation reaches $20 billion with new round of funding: ReportReuters

Virtual Reality (VR) and wearables are the two trending categories in the hardware world and it seems like Snapchat's cashing in on the action. Why else would they be hiring experts from places like Nokia and Creative? According to CNET, Snapchat has nearly a dozen wearable technology experts as well as industrial designers who have worked on Nokia phones and Logitech portable speakers.

These hires strongly suggest that Snapchat has more than playing cards and backpacks (available on Amazon) in mind and is probably working on its first piece of hardware technology. SocialTimes estimates that Snapchat has over 200 million active users and hails it as the fastest growing social media network.

"If they are actually investing in new tech, that could be great," a virtual reality entrepreneur told CNET, who wasn't authorised to speak about a potential competitor. "They probably know that most apps in their situation have a limited lifespan and monetization potential."

Business Insider reported of the social media firm buying Google Glass-like start up Vengence Labs in 2014 for $15 million. Seeing that Google is an investor in Magic Leap and also wants to put out a VR headset, Facebook bought Oculus VR for over $ 2 billion, Microsoft wowed the world with its HoloLens, Apple has a dedicated team working on VR tech and HTC's Vive will be available in April, It seems logical to conclude that Snapchat is working on a VR headset. Only time will tell what's really happening though.