Giphy is a popular source for GIFs around the web, and soon you'll be seeing more of that GIF library in Instagram.

That's because Facebook has officially purchased Giphy. Facebook confirmed the acquisition today, and while it didn't disclose any details of the deal, a report from Axios says that Facebook is spending around $400 million on Giphy.

Facebook says that Giphy is joining the Instagram team and that the GIF library will be further integrated into Instagram and other Facebook apps. "By bringing Instagram and Giphy together, we can make it easier for people to find the perfect GIFs and stickers in Stories and Direct," Facebook says.

As for what this means for other people who use Giphy, Facebook says that people will still be able to upload GIFs, developers and API partners will have the same access to Giphy's APIs, and Giphy's creative community will still be able to make content. So hopefully this acquisition shouldn't affect your favorite Giphy uses outside of Facebook.

Interestingly, Facebook said today that half of Giphy's traffic comes from Facebook's family of apps, with half of that from Instagram alone.