What is a Destination Tag/Memo?
A Destination Tag/Memo is an additional address feature necessary for identifying a transaction recipient beyond a wallet address.
Why is this needed?
- For these types of cryptocurrencies, most centralized exchanges (like Kinesis) use one address for all traders of cryptocurrencies that use Destination Tag technology.
- Therefore, a Tag/Memo is used to determine what actual individual account a given transaction should be assigned and credited to.
Example: The address you send one of these cryptocurrencies to can be equated to an apartment building address. The Tag/Memo identifies which specific apartment you live in, in the apartment building.
Which cryptocurrencies use Destination Tag technology?
The following cryptocurrencies supported on the Kinesis platform utilize destination tag technology:
|
Cryptocurrency |
Feature Name |
Description |
|
Stellar (XLM) |
Memo |
Alpha-numeric |
|
Ripple (XRP) |
Tag |
Numeric Only |
Do I need to include a Destination Tag or Memo when transacting with these currencies?
Yes. The Tag/Memo is mandatory for transactions for cryptocurrencies that use this technology. You must put in a correct Tag/Memo when receiving/depositing these funds into your Kinesis account.
What if I forget to include my destination tag?
If a destination tag is required and you forget to include it, or you include an incorrect tag, the funds may be lost. You will need to contact Kinesis support and provide us with a full transaction hash for further investigation.