PANews reported on September 23rd that, according to an official blog post, Coinbase announced its partnership with Cloudflare to jointly launch the x402 Foundation, aiming to establish x402 as a universal standard for AI-driven payments. Coinbase stated that the x402 protocol is revolutionizing internet payments. By leveraging the HTTP "402 Payment Required" status code, x402 embeds payments directly into web interactions, enabling AI agents, APIs, and applications to exchange value as easily as data. This innovation eliminates the friction of traditional payment systems and paves the way for a new era of automated, scalable commerce.

The x402 Foundation will focus on the following areas: 1. Governance: Establishing x402 as a neutral, open standard to encourage adoption by developers, businesses, and AI platforms. 2. Ecosystem Development: Supporting developers building on x402 by providing grants, tools, and resources. 3. Interoperability: Ensuring x402 can operate seamlessly across different platforms, industries, and regions.