What is a Memo/Destination Tag?

What is a Destination Tag/Memo?

A Destination Tag/Memo is an additional address feature necessary for identifying a transaction recipient beyond a wallet address. 


Why is this needed?

For cryptocurrencies that use destination tag/memo technology, most centralized exchanges use one wallet address for all traders. The tag/memo is used to determine the individual account a transaction should be credited to.

Example: Wallet address + unique destination tag/memo = correct recipient


What to do if you already made a transaction without inserting a Tag

In this situation, the exchange still receives your assets and has them at their deposit address. However, they won’t be able to identify and assign the transaction to your exchange’s account.

As transactions on the blockchain can’t be canceled, we won’t be able to help you in this situation. Your only solution is to contact the exchange’s support and assist them in identifying your deposit transfer.

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