Cryptocurrency transfers are highly sensitive processes requiring precise address entry to ensure funds are credited correctly. While Bitcoin and Ethereum use unique addresses, platforms handling XRP or Cosmos often rely on shared addresses. For these, a destination tag or memo must be included to identify the recipient’s account.
This guide explains destination tags, lists cryptocurrencies requiring them, and provides step-by-step instructions for locating memos across various services.
Understanding Memos in Cryptocurrency
A memo (or destination tag) is a unique identifier needed to accurately process cryptocurrency transactions. It typically appears as a 6+ digit numeric code listed alongside the primary wallet address.
Key Use Cases:
- Shared Addresses: Used by exchanges/wallets pooling deposits under one address. The tag directs funds to the correct user account.
- Network Identification: Helps distinguish transactions within specific blockchain networks (e.g., XRP Ledger).
Without a memo, transfers may fail or require manual intervention from support teams, risking delays or permanent loss of funds.
Why XRP Transactions Require Destination Tags
Ripple (XRP) is a prime example of a cryptocurrency mandating destination tags. Since many platforms use a single XRP address for all users, the tag acts as the sole identifier linking deposits to individual accounts.
Consequences of Omitting a Tag:
- Funds may appear "lost" in the platform’s pooled wallet.
- Recovery often involves lengthy support tickets and potential fees.
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Cryptocurrencies That Use Memos/Destination Tags
| Cryptocurrency | Example Memo Format | Purpose |
|----------------|----------------------------|------------------------------------------|
| XRP | 12345678 | Identifies user accounts on shared addresses. |
| BNB | 98765432 | Required for Binance Chain transactions. |
| ATOM | Deposit to account 11223344 | Links deposits to exchange accounts. |
| XLM | Memo ID: 987654321 | Distinguishes users under shared wallets.|
| EOS | memo123456 | Routes funds to specific EOS accounts. |
| HBAR | tx for user 1001 | Used for centralized exchange deposits. |
Note: Not all services require memos—always verify platform-specific rules before transacting.
How to Find Destination Tags on Popular Platforms
Trust Wallet (XRP)
- Open Trust Wallet and log in.
- Select XRP from your asset list.
- Tap Receive to view your wallet address + destination tag.
Binance (XRP)
- Log in to Binance (app/desktop).
- Navigate to Wallet > Deposit (mobile) or Fiat & Spot (desktop).
- Search for XRP and click Deposit.
- Copy the displayed address and destination tag.
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FAQ: Destination Tags & Cryptocurrency
What happens if I send XRP without a destination tag?
Your transaction will complete, but funds won’t auto-credit to your account. Contact support with proof of transfer (TX ID, amount, timestamp) to initiate recovery—some platforms charge a retrieval fee.
Are memos case-sensitive?
Generally, no. Most memos are numeric, but alphanumeric tags (e.g., XLM) should be entered exactly as provided.
Do decentralized wallets (e.g., MetaMask) require memos?
No. Memos are primarily for exchanges/shared addresses. Self-custody wallets generate unique addresses per user.
Pro Tip: Bookmark this guide for quick reference during crypto transfers. Always double-check tags before confirming transactions!