- It is your responsibility to determine the need for a tag or memo.
- If a tag/memo is required for the crypto you're sending/receiving, you must include it, or the funds sent may be lost
Destination tags/memo are unique identification codes used only by some cryptocurrency networks (e.g. Stellar and Ripple) to identify the receiver of the cryptocurrency transaction beyond the wallet address.
Why is destination tag/memo needed?
For cryptocurrencies that use destination tag/memo technology, most centralized exchanges use one wallet address for all customers. The tag/memo is used to determine the specific individual account a transaction should be credited to.
Example: Wallet address + unique destination tag/memo = correct recipient
The only exception to the requirement to include a destination tag/memo is when sending to a privately controlled/self-custody cryptocurrency wallet.
Meaning, if you're providing your address to Coinify to receive a refund, you must provide a destination tag/memo (where supported) if the address you're providing is, for example, an address that belongs to your account on a centralized exchange.
If you're providing an address that you are in full control of (private/self-custody wallet), then the destination tag/memo is not mandatory.
Where can I find destination tag/ memo for my wallet?
If you are unsure what your destination tag or memo is, please consult this detail with your wallet provider.
How does the destination tag/ memo look?
Depending on the cryptocurrency you purchase, the tag or memo will be either a set of numbers or alphabetical characters.