Hassan Maishera
TL;DR
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Coinbase now helps users recover tokens mistakenly sent to the BNBChain and Polygon networks.
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The tool previously only covered the Ethereum blockchain.
Coinbase Helps Users Recover Tokens Mistakenly Sent to BNBChain and Polygon Networks
Cryptocurrency exchange Coinbase now helps users recover tokens mistakenly sent to the BNB Smart Chain and Polygon networks. This latest development comes after Coinbase expanded its asset recovery tool to cover these blockchains after launching it for Ethereum in December 2022.
The tool helps users recover unsupported tokens mistakenly sent to Coinbase addresses. While commenting on this latest development, the cryptocurrency exchange said,
"To help make on-chain recovery easier, we have upgraded our ERC-20 self-service asset recovery tool to support recovering assets not just on Ethereum, but also on BNB Smart Chain and Polygon. This expansion will support the recovery of almost 3,000 unsupported tokens on BNB Smart Chain."
BNB Smart Chain, operated by rival crypto exchange Binance, is currently not supported by Coinbase. However, some Coinbase customers can mistakenly send unsupported tokens on the chain to their Coinbase address, resulting in a loss of funds. Thanks to the expansion of the Coinbase recovery tool, the cryptocurrency exchange can now help users recover those tokens directly from inbound addresses to the Coinbase wallet or any other self-custodial wallet.
Coinbase charges users a 5% fee for recovering assets worth over $100. It also includes another network fee for all recoveries. To recover their assets, users are required to provide the transaction ID for the transaction where the assets were lost and the inbound Coinbase address where the asset was lost.
So far, the tool has helped more than 10,000 Coinbase users recover over $160 million worth of funds in the last year and a half.
Vignesh Muralidharan, a product manager at Coinbase, stated that,
"Although these transactions make up a small fraction of total transfers, these errors have, understandably, led to customer frustration. Our goal with this tool is to ease some of these frustrations and make onchain recovery easier to improve the customer experience."
Coinbase is currently the third-largest cryptocurrency exchange by daily trading volume, behind Binance and Bybit. The crypto exchange processes more than $4.5 billion in daily trading volume.
