What is Destination Tag (Memo)?

A destination tag (memo) is an additional identifier for your wallet or account. They are used to ensure accurate addressing of funds, particularly in instances where exchanges provide a shared wallet for users. The Memo or Destination Tag enables the exchange to distribute incoming funds to your account. If you do not specify a Memo or Destination Tag, your funds may be routed to the exchange’s wallet, but will not be directly routed to your account. It is important to ensure that the correct Payment ID, Memo or Destination Tag is entered when making transactions such as EOS, Ripple (XRP), Stellar Lumens (XLM), Binance Coin (BNB) or Monero (XMR).