What is a Memo Tag or Destination Tag?
A Memo Tag or Destination Tag is additional information used when sending cryptocurrency to centralized exchanges to correctly identify the recipient. These tags are required for certain cryptocurrencies such as XRP, TON, XLM, ATOM, HBAR, CRO, STX, and INJ. The tag is specified when sending cryptocurrency to an exchange to ensure the funds are correctly credited to the user’s account, as well as in some exchangers.
Cryptocurrencies Using Memo Tags:
- XRP (XRP): Destination tag – numeric only
- Toncoin (TON): Memo tag – numeric only
- Notcoin (NOT): Memo tag – numeric only
- Stellar (XLM): Memo tag – string and/or numeric
- Cosmos (ATOM): Memo tag – numeric only
- Crypto.org (CRO): Memo tag – string and/or numeric
- Hedera Hashgraph (HBAR): Memo tag – numeric only
- Stacks (STX): Memo tag – string and/or numeric
- Injective (INJ): Memo tag – string and/or numeric
Examples of Tag Usage:
- Tonkeeper: When transferring TON to an exchange/exchanger, a comment (memo/tag) must be provided, which can be found on the exchange along with the wallet address. This is crucial for identifying the recipient and crediting the coins.
- Telegram Wallet: When sending TON to an exchange/exchanger, a special comment (memo/tag) must be specified to help the exchange determine the recipient of the transaction.
- Exodus: When sending cryptocurrencies such as BNB, ATOM, EOS, HBAR, INJ, OSMO, XLM, or XRP to an exchange, a memo or destination tag must be specified. If the transfer is to a non-custodial wallet, a memo/tag is not required.
Important Points:
- If the tag was not specified when sending funds, you need to contact the exchange/exchanger support team to return or credit the coins.
- A Memo Tag is used for centralized exchanges/exchangers where clients do not have unique addresses, and the memo/tag helps determine which account the funds should be credited to.