Coinbase has announced the expansion of its asset recovery tool to include support for BNB Chain and Polygon networks. This is a step further to address the unwarranted fears that have developed in investors’ minds whenever they accidentally transfer assets to blockchains that are not supported, improving the experience and security platforms in the digital currency space.

Coinbase Asset Recovery Process

Taking a proactive approach towards the popular issue of lost assets while transacting on unsupported blockchains, Coinbase has put forward a remedy. Users who have encountered such situations can become liberated with Coinbase’s introduction of a streamlined procedure for retrieving those possessions. Via transaction ID and the Coinbase wallet address, users can trigger this recovery protocol for assets valued over $100 (the minimum recovery amount).

To offer this service, Coinbase employs a fee that is clear and intuitive to use. For the asset recovery above $100, the exchange charges a commission of 5%, showing the support of the exchange for the provision of valuable services and the sustainability of the offering. This fee model presents a fair approach to covering staff expenses and the technical and operational expenditures related to recovering coins from unsupported blockchains.

Enhanced Support for BNB Chain and Polygon

Adding BNB Chain and Polygon to Coinbase’s asset recovery tool facilitates the recovery of many different blockchain networks. This diversification widens the spectrum of recoverable assets and highlights Coinbase’s interest in providing the diverse interests of the users. 

Considering the increasing likelihood of ERC-20 tokens being inadvertently sent through these networks, Coinbase endeavors to provide a valued solution in the market.

Technical Innovations

The technology sustaining this user-friendly service is a complex, in-house system built from the ground up by Coinbase itself. The platform’s proprietary technology comes with the advantage of asset retrieval that shills the exchange’s innovation and leadership in the crypto exchange realm. This facility makes the recovery process possible and could be taken as the template of such service for similar industries, paving the way for expanded adoption and growing standardization of asset recovery systems.

Coinbase’s asset recovery mechanism has managed to return more than $160 million in lost digital assets, proving how well this service works and its importance for the cryptocurrency industry. Thanks to the integration with BNB Chain and Polygon platforms, the tool is going to have the opportunity to extend its function to more people and thus give them peace of mind as well as all the decentralized market players to be more secure from the scams associated with the unsupported transaction.

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The post Coinbase Unveils Asset Recovery for BNB and Polygon Networks appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am