Coinbase has expanded its asset recovery tool to include assets on BNB Smart Chain and Polygon. This update means that users can retrieve over 4,000 unsupported ERC-20 tokens erroneously sent to Coinbase on the BNB Smart Chain and Polygon.
Coinbase is a cryptocurrency exchange platform that offers various services to users, including trading, sending, and receiving cryptocurrencies.
Coinbase is a digital platform where people can buy, sell, and store cryptocurrencies like Bitcoin and Ethereum. It has a user-friendly interface, making it easy for both beginners and experienced users.
It also provides educational resources to help users understand cryptocurrencies better. They have a mobile app for convenient management on the go. Coinbase serves not only individual users but also institutions with tailored services.
In 2022, Coinbase launched the recovery tool to address a common issue: clients unintentionally sent unsupported tokens to their Coinbase account. When this happened, the funds didn’t appear on Coinbase’s records.
Traditionally, these assets were impossible to recover because Coinbase lacked access to the private keys necessary to reverse such transactions.
This limitation caused frustration as users found their assets locked away without a clear recovery timeline.
To empower more individuals to engage in web3 confidently, Coinbase introduced the recovery tool, making it simpler to manage and retrieve assets sent in error.
This initiative aimed to enhance user experience and facilitate participation in the evolving landscape of web3 technologies.
More than fifteen months later, Coinbase has expanded the recovery process to include assets on BNB Smart Chain and Polygon.
To recover lost funds, verified Coinbase customers must sign in to their accounts and navigate to the asset recovery page or go to the Support menu, selecting “Recovering crypto”.
After providing the necessary details, including the transaction ID and the crypto address, customers can recover their funds using a self-custodial wallet.
An administrative fee is charged for recoveries to cover the cost of developing and maintaining the service.
