KEY POINTS
- The tool allows for the recovery of almost 4,000 eligible ERC-20 tokens sent to Coinbase mistakenly
- The goal is to provide consumers with more autonomy and confidence when engaging with crypto
- Coinbase seeks to make it "dead simple for users to fully own their finances"
Cryptocurrency giant Coinbase recently announced that its ERC-20 self-service asset recovery tool is now available on Ethereum layer 2 blockchain Base, addressing a prevalent issue in the industry: the recovery of unsupported tokens.
Coinbase first launched the asset recovery tool in December 2023, providing the crypto industry with a cutting-edge solution that enhances user autonomy and confidence.
What is the ERC-20 Self-Service Asset Recovery Tool?
The asset recovery tool is a significant solution for customers who mistakenly send ERC-20 tokens to Coinbase addresses.
The tool is now available for Base, covering eligible assets. Coinbase notes that while it is not able to support all assets for now, it is committed to ensuring that customers have access to their cryptocurrencies.
Coinbase also provides a simple step-by-step process that ensures protection of private keys for customer deposit addresses. The recovery service has a small administrative fee for recoveries over $100, and any network fees will be covered by the customer.
As of October, Coinbase's self-service asset recovery tool allows for the recovery of almost 4,000 ERC-20 tokens sent to Coinbase addresses in error.
Asset recovery is now available for Base.
— Coinbase Assets 🛡️ (@CoinbaseAssets) September 27, 2024
Users can now recover unsupported ERC-20 tokens mistakenly sent to their Coinbase account via Base.
For more information head to: https://t.co/vDPQaYiTAF https://t.co/rm7sjPVqiF
Helping Address Customer Frustration
Crypto users have struggled for years whenever they mistakenly send their assets across chains, but Coinbase's recovery service was designed to help customers with such issues.
"Without effective tools to help users recover funds mistakenly sent across chains, users have understandably experienced frustration. With this launch of our Base asset recovery tool, enabling users to recover eligible ERC-20 tokens, we can help users recover assets safely," a Coinbase spokesperson told International Business Times.
The Significance of a 'Self-Service' Tool in Crypto
The term "self-service" is often used in the food chain industry, especially in fast-food segments that empower consumers to have full control of their food choices. Coinbase's self-service tool embodies the same principle.
"Our goal is to make it easy for people to engage in crypto and dead simple for users to fully own their finances," the Coinbase spokesperson said. After all, crypto's core is freedom – bringing back financial power and control to where it belongs: the people.
Furthermore, recovering lost assets has historically taken up much time, effort and coordination from third parties. "Enabling customers to recover lost funds with a self-service tool makes it easier for users to engage in the crypto economy with confidence," the spokesperson added.
Coinbase is only second to Binance in rankings of the world's largest crypto exchanges by trading volume. Since 2012, the crypto titan has been enabling digital asset holders with the tools they need to engage safely with the booming crypto industry.
