Coinbase has introduced a new functionality that allows users to recover cryptocurrencycurrency accidentally transmitted to unsupported blockchains such as BNB Chain and Polygon.
Previously, these lost assets were irrecoverable due to Coinbase’s constraints, which only allowed returns using private keys. According to an article published on February 27th, anyone who has lost cash in this manner can now simply recover them by providing their transaction ID and Coinbase wallet address information.
Filing fees are waived for all assets valued under $100. However, there is a 5% commission on recovery of more than $2000 USD. Coinbase is now utilizing its previously successful solution for the Ethereum blockchain for asset recovery.
According to the study, it has already recovered more than $160 million in lost digital assets. However, this feature development is in reaction to the growing number of users who unintentionally send tokens over the BNB Chain and Polygon networks, with Coinbase estimating up to 3000 ERC-20 and 800 Polygon-based tokens.
“We’re continuously investigating and expanding the scope of this feature to support additional assets and networks,” the company said.
These advances are expected to impose technical limits and demand trade-offs in the future.
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