What is a Memo?
A Memo is an additional address feature necessary for identifying a transaction recipient beyond a wallet address. For exchanges that have a significant amount of customers, it is not optimal to have an individual wallet address for each customer. Customers send to a single address and add a memo (or destination tag) to indicate which deposit belongs to which user.
When sending to an exchange or 3rd party platform, always double check if a memo is required. If you forget to include the memo, and only send to the main wallet address, your funds will not show up in your wallet on the platform. You'll then need to work with that 3rd party platform's support team to recover the funds, which is not always guaranteed.
When sending to an exchange or 3rd party platform, always double check if a memo is required. If you forget to include the memo, and only send to the main wallet address, your funds will not show up in your wallet on the platform. You'll then need to work with that 3rd party platform's support team to recover the funds, which is not always guaranteed.
Updated on: 21/09/2022
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