Coinbase – the largest cryptocurrency exchange in the United States – launched an asset recovery tool that allows users to recover over 4000 unsupported ERC-20 tokens mistakenly sent to the exchange.
Just for a small fee, Coinbase will send back unsupported assets to the user’s address.
According to a blog post from Coinbase on Thursday, the tool only asks for an Ethereum transaction ID where the funds were lost along with the mistaken Coinbase address to which the token was sent. The exchange claimed user’s private key won’t be exposed.
“We did this by using patent-pending technology to send the funds directly from your inbound address without processing the funds through our centralized exchange infrastructure,” said the company.
Only a select number of ERC-20 tokens are available for recovery – some of which include wETH, TUSD, and STETH. Each qualifying asset is subject to Coinbase’s listing review process.
According to Coinbase, it is the first major exchange to enable large-scale withdrawal of ERC-20 tokens, while maintaining the security of customer deposit addresses. According to its website, Binance does not offer a similar service, although it can assist customers on an individual basis if they lose “significant funds” due to a mistaken transfer.
“We’re reducing the points of friction and focusing on improving usability to better serve and earn the trust of our customers,” added Coinbase.
The service has not yet available in Japan, nor for Coinbase Prime.
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