August 2 saw the introduction of the first ATM in the metaverse. The ATM was launched on the Decentraland platform via a partnership with Transak payment gateway and Metaverse ARchitects studio.
Users of the Decentraland metaverse will have the ability to participate in the inaugural events that are being offered in tandem with the release of the project. These events are scheduled to last about 10 days culminating with an end on Aug 12.
This new ATM will enable users to use fiat forms of payment to purchase the native token $MANA as well as other tokens. The ATM is intended to make transactions much easier on the web3 platform as the process is mirrored after using a real-world atm. The system was created by Transak which specializes in fiat-to-crypto payments.
There are already banks that have joined the metaverse such as HSBC which has put a bank in The Sandbox back in March, and J.P. Morgan did the same on Decentraland at the beginning of 2022.
There could be a close relationship noticed between digital real estate and banks joining the metaverse mimicking real world processes in obtaining real estate. The virtual real estate market on the metaverse is tracked to increase $5.37Bn between 2022 and 2026.