What Is a MEMO?

Modified on Wed, 30 Nov, 2022 at 2:28 PM

A Memo/Destination Tag is an additional address feature necessary for identifying a transaction recipient beyond a wallet address. 

It’s not needed when sending crypto to a privately controlled cryptocurrency wallet. Centralized crypto exchange customers often send their transactions to a single address and add a Memo/Destination tag to indicate which deposit belongs to them.

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