What is a Destination Tag (Memo)?

Memo is an additional identifier for your wallet or cryptocurrency account. These identifiers can be useful for accurate addressing of funds during exchanges, as exchanges, for example, provide a common wallet for users. The Destination Tag helps the exchange distribute the funds to the correct account upon receipt. If you do not specify Memo, the transaction may end up in the exchange’s wallet and not your personal account.

When conducting operations with EOS, Ripple (XRP), Stellar Lumens (XLM), Binance Coin (BNB), or Monero (XMR), be sure to provide the correct Payment ID, Memo, or Destination Tag.