Instagram has been updated to version 4.1 and the biggest new feature is the one that allows you to import any video from your phone to the site; tools are provided to edit the video so that only the best parts are displayed, and you can also crop the clip so that the action remains at the "front and center". The update will now enable Instagram video use for Android phones powered by Ice Cream Sandwich...
Source: http://www.phonearena.com/news/Instagram-update-allows-users-to-import-video_id46179
Source: http://www.phonearena.com/news/Instagram-update-allows-users-to-import-video_id46179