Coinbase started a new support for the customers and aimed to recover & return the unsupported ERC-20 tokens sent by the users mistakenly.
Coinbase is a Nasdaq-listed public crypto company, which is known for its compliance-based crypto services. Exchange is standing at 2nd rank, in terms of 24 hours global crypto trade volume on its platform.
Coinbase Exchange provides multiple crypto services alongside digital assets trading, like crypto custody & NFTs trade, crypto tracking tools, etc.
As we know that any person can mint a new token on the Ethereum blockchain via ERC-20 smart contract easily and this is a very simple thing that almost every person can do with little knowledge about crypto assets by following tutorials available on the internet.
So far to this date, more than 400,000 crypto tokens are available on ERC-20 smart contracts but only a few thousand are genuine & useful.
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Coinbase Exchange supports only a particular number of ERC-20 tokens. And if any user tries to deposit an unsupported ERC-20 token, that will result in a loss because Coinbase will not show any unsupported ERC-20 balance.
Now, Coinbase launched funds recovery services, under which approximately 4,000 Coinbase unsupported ERC-20 could be recovered easily.
Coinbase will charge 5% on $100 worth of ERC-20 tokens, while transaction fees will be charged separately.
Coinbase stated:
“Our recovery tool can move unsupported assets directly from your inbound address to your self-custodial wallet without exposing private keys at any point,” Nasdaq listed company said.
Here this process will not be fully automatic, where unsupported ERC-20 tokens will be automatically transferred to the sender address if the user will submit transaction I’d where funds lost & smart contract address of the ERC -20 token.
Read also: Zk proofs can solve the privacy issue of CBDCs
Now Coinbase users can recover unsupported ERC-20 tokens
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