Coinbase takes the lead in the industry by becoming the first-ever crypto company to begin rolling out a new tool that helps users to recover up to 4,000 unsupported ERC-20 tokens. The move is indeed helpful, as tokens are often sent by mistake. It is difficult to recover those tokens due to their unsupported nature on the network.
Briefly described as an ERC-20 self-service asset recovery tool, it is meant to instill confidence among users who hesitate to operate their accounts out of the fear that the tokens are unrecoverable. Users who want to initiate the recovery of their unsupported funds only need to meet the below-mentioned requirements:-
- Ethereum TXID for the transaction where they lost the asset
- Coinbase address where they lost the asset
Unsupported tokens have been unrecoverable solely because the team of Coinbase never had access to private keys behind their transactions. While the private keys will remain intact, it is now easier to recover those funds by following a step-by-step procedure. Recovered funds are sent to a self-custodial wallet without bringing the private key into the picture.
A list of tokens that are eligible for recovery is not yet public. A sure fact is that the list will keep changing every time due to the technical complexities involved in the recovery process. Users must still take due diligence before initiating a transaction or choosing an unsupported token. They do not go through the asset listing review process, making them the potential candidate for events where things go wrong.
ERC-20 self-service asset recovery tool is free. Customers do not have to shed a single cent in terms of recovery fees for a value of up to $100. In comparison, other platforms charge around 15% for the recovery process. A nominal network fee may apply, though.
Customers looking to recover tokens worth more than $100 will have to shed merely 5% to cover the cost of maintenance and development of the service. It is still lower than other crypto companies charge.
However, to get all the needed updates about the token recovery system at minimal charges with full security must keep an eye on Coinbase reviews. Coinbase was, and is, the first choice for many crypto traders. Its availability on Android and iOS make it convenient for users to track the progress of their crypto portfolio.
The new recovery tool brings a lot to look out for in the days to come. Coinbase continues to work harder with its motto of developing economic freedom in the world and investing in the most trusted platforms.