Coinbase Releases Important Self-Service Asset Recovery Tool

Coinbase continues to make headlines these days. Check out the latest reports about the crypto exchange here.

Check out what the exchange shared on their official blog post about this latest move:

“Sometimes our customers mistakenly send unsupported tokens to their Coinbase address. When this happens, the result is that these funds don’t get registered on the Coinbase ledger. Historically, these assets have been unrecoverable, in part because our employees and support channels don’t have access to the private keys needed to reverse these transactions.”

Here’s what the digital crypto exchange shared on their Twitter account below.

Introducing Coinbase’s new ERC-20 self-service asset recovery tool. A safe, simple, and secure way for our customers to recover almost 4,000 unsupported ERC-20 tokens. pic.twitter.com/YsszqPJ7EH

— Coinbase (@coinbase) December 15, 2022

Coinbase also posted this: “This self-service tool makes asset recovery a simple step-by-step process while protecting the private keys for customer deposit addresses.”

The exchange continued and revealed the following:

All you’ll need is the transaction ID and wallet address for any lost funds. This will be available for all users soon.

See how to recover your funds 👇https://t.co/PnXeq6IeWY

— Coinbase (@coinbase) December 15, 2022

Coinbase started to massively push the adoption of USDC in a bid to increase user adoption amid declining market share.

Labeling it a “trusted and reputable” asset in a blog post on Thursday, the exchange said it is waiving fees for global retail customers to convert USDT to USDC.

Fiat-backed stablecoins which have the value pegged to the US dollar, allow users to dip in and out of the digital asset market during times of high volatility.