In the decentralized world of cryptocurrencies, the onus lies on you to determine whether your transaction requires a tag/memo. When making large transactions, it’s recommended practice in the industry to send a small test amount first to ensure that all the required information is there.
What is a destination tag?
A destination tag is an additional identifying code alongside the recipient’s wallet address. While wallet address and destination tags are two slightly different things, they are both essential to the funds ending up in the right place.
For the networks concerned, consider the wallet address as an apartment building, while the destination tag is the apartment number. Not all networks use destination tags/memos, only a small handful. Tags/memos are not required when sending to a private wallet, i.e. a desktop/hardware that you hold the private keys to.
What cryptocurrencies use destination tags/memos?
Two of the supported cryptocurrencies on Oobit currently require destination tags/memos, see table below.
|Cryptocurrency||Referred to as||Format|
When making transactions using these networks you will be required to enter the tag/memo otherwise your funds could get lost, as is too the case if you enter the incorrect one.
What Is A Ripple Destination Tag?
Each Ripple wallet has an accompanying destination tag. This is a unique 9-digit code and will need to be given to the sender performing the transaction.
When transferring XRP from your Oobit wallet you will need to provide a destination tag, as is the same with most exchanges. Some external XRP wallets may not ask for the destination tag.
How To Find The Destination Tag/Memo
Below we use XRP as an example. To find your XRP destination tag, open the Oobit app.
- Select Holdings (bottom left-hand corner) and then XRP
- Add Funds, then Receive from External Wallet
- Your XRP wallet address and the tag will be displayed as shown below.