RevBit team
July 23, 2024
~1 min read
What is a Destination Tag (Memo)?
A Destination Tag (Memo) is an identifier for your wallet or account that provides accurate addressing of funds. It is required for transfers to shared wallets on exchanges, as it allows funds to be directed to a specific user. Lack of a Destination Tag can result in funds being credited to an exchange wallet without being distributed to your account.
When transferring in cryptocurrencies such as EOS, Ripple (XRP), Stellar Lumens (XLM), Binance Coin (BNB) or Monero (XMR), be sure to include the correct Destination Tag, Memo or Payment ID.