Coinbase Aids In The Recovery Of Accidentally Sent Unsupported ERC-20 Tokens

An asset recovery mechanism has been made available by cryptocurrency exchange operator Coinbase for almost 4,000 unsupported ERC-20 tokens.

The business will assist in recovering those tokens by charging a fee if a user unintentionally sent unsupported tokens to their Coinbase address.

“Our recovery tool is able to move unsupported assets directly from your inbound address to your self-custodial wallet without exposing private keys at any point,” Coinbase said. “We did this by using patent-pending technology to send the funds directly from your inbound address without processing the funds through our centralized exchange infrastructure.”

For assets valued more than $100, Coinbase imposes a 5% fee, and a separate network fee is charged for all recoveries. Customers will need to supply two pieces of information in order to get their money back: the contract address of the lost asset as well as the Ethereum transaction ID for the transaction in which it was lost, according to Coinbase.

Japan and Prime users of Coinbase are not eligible for the service

Binance, a rival to Coinbase, does not provide coin recovery. However, according to information on its website, if a customer has experienced a “substantial loss” as a result of mistakenly depositing unlisted tokens, Binance may help them recover those tokens, but only at its discretion and the recovery isn’t guaranteed.

In order to maintain the security of customer deposit addresses, Coinbase claims to be the first significant cryptocurrency company to offer ERC-20 recoveries at scale. To better serve and gain the trust of mass consumers, “We’re decreasing the sources of friction and focusing on increasing usability,” it was said.

In a statement earlier this week, CEO Brian Armstrong said that amid market anxiety and volatility, this is the company’s “time to shine.” Armstrong urged staff members to be “prepared to assist” consumers despite the difficult economic climate.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News