Coinbase, the second-largest crypto exchange globally, has launched a new tool to help its customers recover more than 4,000 unsupported ERC-20 tokens sent to its ledger, TechCrunch wrote in a report.
The ERC-20 self-service asset recovery tool allows customers to recover different kinds of tokens sent to a Coinbase address.
Before now, assets not supported by Coinbase sent to other users' addresses will prompt a notification that the asset has been successfully delivered on the chain, whereas it didn’t deliver into the receiver’s wallets.
Usually, these assets are unrecoverable because internal operators do not have access to the private keys needed to reverse transactions. But the release of the new self-service recovery tool will now let customers recover these previously unrecoverable assets.
“It’s been a pain point for customers who sent ERC-20 tokens to a Coinbase receive address,” Will Robinson, vice president of engineering at Coinbase, told TechCrunch. “When people accidentally sent these assets, they were effectively stuck up until this point.”
Coinbase has said that there’s no recovery fee for amounts less than $100, but those worth over $100 will be charged a 5% fee – aside from the separate network fee, which applies to all recoveries.
The feature is expected to roll out over the next few weeks but is not available for Japan or Coinbase Prime users.
Coinbases says it could release support for other asset recoveries beyond ERC-20 tokens in the long term, but “no firm commitments” exist today.