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Coinbase’s AI payment platform collaborates with the Linux Foundation, securing backing from Google, Stripe, AWS, and additional partners.
The Coinbase-developed agentic commerce protocol x402 has gained backing from a notable array of prominent entities such as Google, Cloudflare, and Stripe.
Robot girl (Gabriele Malaspina, Unsplash)
What to know:
- A foundational governing entity, the x402 Foundation, comprises the internet services company Cloudflare and the payments leader Stripe, along with support from a wide array of other significant players.
- The open-source consortium also counts initial interest and backing from entities such as Amazon Web Services, American Express, Ant International, Visa, and Microsoft.
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Coinbase’s AI-focused payment protocol x402 is advancing towards becoming an open and standardized framework under the Linux Foundation, a non-profit organization dedicated to open-source software development. This initiative is intended to foster a community-governed environment for high-frequency, micro transactions that traditional finance systems struggle to manage effectively.
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The protocol has established an initial governing body, the x402 Foundation, which includes the internet services firm Cloudflare and the payments giant Stripe, alongside support from numerous other prominent entities.
The growing interest in x402 arises as AI-driven commerce continues to evolve. Particularly, the concept of agentic payments, which are executed autonomously by AI agents, is becoming a focal point, especially in specific sectors of the crypto industry where it is believed that programmable, blockchain-enabled micro-payments are most applicable.
x402 is intended for facilitating these types of payments. Unlike employing ChatGPT as a front-end for a conventional shopping cart, it is capable of processing transactions worth mere fractions of a cent at high frequencies — a challenge for traditional credit card networks to handle.
By leveraging the Linux Foundation to scale an open-source ecosystem, x402 seeks to address potential interoperability challenges by developing a standard akin to a Secure Sockets Layer (SSL) for AI agents, essentially establishing a standardized technology that encrypts the connection between a web server and a browser.
“The internet was built on open protocols,” stated Jim Zemlin, CEO of the Linux Foundation. “The x402 Foundation will establish an open, community-governed environment to cultivate these capabilities transparently, ensuring they progress with interoperability and extensive participation throughout the ecosystem.”
Coinbase announced in a press release on Thursday that the foundation’s membership will include participants from various sectors, with initial interest and backing indicated by Adyen, Amazon Web Services, American Express, Ampersend.ai, Ant International, Base, Circle, Fiserv Merchant Solutions, Google, KakaoPay, Mastercard, Merit Systems, Microsoft, Polygon Labs, PPRO, Sierra, Shopify, Solana Foundation, Thirdweb, and Visa.
“The transition towards agentic commerce necessitates cloud infrastructure that is as open as the protocols it underpins,” remarked James Tromans, Managing Director, Web3 and Digital Assets at Google Cloud. By joining the x402 Foundation, Google is reaffirming its dedication to interoperable standards that facilitate secure, AI-driven transactions across various platforms.”
