Cloudflare and Coinbase plan to launch the x402 Foundation to develop an open internet standard for digital payments.

Cloudflare, a US-based cloud services provider, and Coinbase, a US-based cryptocurrency exchange, aim to simplify online payment processes for website owners, developers, and content creators.

The proposed x402 Foundation will focus on creating a standardized protocol to make payments easier across different geographies, currencies, and payment methods.

The initiative builds on the HTTP 402 “Payment Required” response code, which has seen limited use due to a lack of standardization.

Both companies said the new standard could help facilitate online transactions, including micropayments and monetization of APIs and digital content.

No timeline for the launch of the x402 Foundation or the protocol was provided.

🔗 Source: Cloudflare

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