Memo/destination tag is a feature that helps identify the user's wallet and verify the validity of the transactions, especially when using a shared wallet address or the same wallet address for multiple users.
Memo/destination tag is only available for certain cryptocurrencies, such as XRP, XLM, IOST, and BAND. It can be in both numeric and alphanumeric formats, 8 - 10 digits.
What is the difference between a Memo/Destination Tag and a Wallet Address?
A wallet address is used for depositing tokens into your account, and each token has a different address. You can create a wallet address after you complete at least Level 1 (KYC) verification. You can learn more from the following articles:
However, many cryptocurrency exchanges use the same wallet address or shared address for multiple users. As a result, a memo/destination tag is used to identify each user's account and transaction.
To make a simple comparison, the wallet address is similar to the address of your condominium building, and the memo/destination tag would be your exact room number. If you want to order something online but only provide the address of the building (without the room number), the parcel delivery may not reach you.
Cryptocurrencies that support Memo/Destination tag on Bitkub:
- XRP: Memo (numeric)
- XLM: Memo (numeric)
- IOST: Memo (alphanumeric)
- BAND: Memo (numeric)
- SCRT: Memo (numeric)
- *DON: Memo (alphanumeric)
- LUNA: Memo (alphanumeric)
- LUNA2: Memo (alphanumeric)
- *SOLO: Memo (numeric)
- HBAR: Memo (numeric)
- ATOM: Memo (numeric)
- TON: Memo (alphanumeric)
*Only withdrawal is available.
**Please note that you must use a memo/destination tag every time you deposit these cryptocurrencies to your Bitkub wallet; otherwise, your transaction may not be successful.
You can learn more about how to deposit cryptocurrency using the memo/destination tag from this link.
Things you should note when using memo/destination tag
- If you withdraw a cryptocurrency that supports a memo/destination tag from your Bitkub account to another wallet, you may not need to use a memo/destination tag. This depends on the type of your wallet.
- For a cryptocurrency exchange wallet, you may need to use a memo/destination tag.
- For a hardware wallet or personal wallet, you may not need to use a memo/destination tag. Please carefully check if you need to use a memo/destination tag with your wallet service provider.
- Due to limitations of memo/destination tag usage, we cannot verify the validity of the memo/destination tag you entered before the transaction confirmation. Please check the validity and correct the format of your memo/destination tag each time before confirming the transaction.
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