Coinbase Unveils Asset Recovery Tool for ERC-20 Tokens

Vignesh Karunanidhi
Coinbase Unveils Asset Recovery Tool for ERC-20 Tokens
Source: TechCrunch

Coinbase is one of the oldest cryptocurrency exchanges in the world. It debuted in 2012 and boasts its own fan base. The exchange has also proven to be among the first to open the doors for a number of cryptocurrency enthusiasts.

In one of their recent blogs, the exchange announced the release of its new asset recovery tool. This recovery tool is specifically for users to recover ERC-20 tokens that have been mistakenly sent to their Coinbase addresses.

“Sometimes our customers mistakenly send unsupported tokens to their Coinbase address. When this happens, the result is that these funds don’t get registered on the Coinbase ledger.”

Source: Outlook India

Coinbase’s new recovery tool supports almost 4,000 ERC-20 tokens

As per the details, the new recovery tool will aid users in easily recovering almost 4,000 unsupported ERC-20 tokens. These tokens, which were mistakenly sent to a user’s address, can be recovered using this tool.

“With just a few clicks, for eligible assets, you can recover mistakenly sent funds and send them to your Coinbase Wallet, or any self-custodial wallet (that you can prove ownership over).”

Source: Crypto news

The blog also states that the tool helps in recovering assets without exposing the private keys of the users. At present, recovery is possible for select ERC-20 tokens on the Ethereum base layer. Coinbase also stated that not all ERC-20 tokens are eligible, and that this can change at any time.