The app, which enables users to send photos, videos or messages that disappear 10 seconds after being viewed, has 1.7 million monthly Facebook users with over 60 million 'Snaps' sent daily.
(Read More: Facebook Is Giving Away Free Mobile Data to Some Users )
SnapChat is working to tap into its growing reach and is developing ways for companies to advertise on its picture-sharing platform, said Spiegel.
"There's a couple of things we are really excited about right now. There are a lot of businesses experimenting with SnapChat," Spiegel said. "What I'm really excited about is this really awesome new ad format we've been experimenting with. We think it's really engaging. We think when ads are done right, they can be informative and delightful and we are really excited about that."
Spiegel said that SnapChat is different from traditional social media because its a medium people can use to show more human moments.
(Read More:Facebook Is Tossing Your Old Pics Into 'Cold Storage' )
"Traditional social media is a place where people want to look very cool," he said. "SnapChat is really a place where our users can send funny, interesting embarrassing photos."
The app has gained a lot of attention recently for being a popular way for youths to sext, or send inappropriate pictures of themselves.
(Read More: Regretting That Sext You Just Sent? There's an App for That )
Spiegel, however, said he discourages any user of SnapChat from sending inappropriate image on the app.
"SnapChat is not a great way to send inappropriate content because any photo that I send to you can be saved by taking a screenshot or by taking a photo with another camera. So it's not a great way to send inappropriate photos," he said.