Memo
A memo is additional transaction data that some blockchain networks and custodial services use to identify, describe or route a payment.
✦ Key Insight
When a receiving service requires a memo, omitting it can prevent the deposit from being automatically assigned to your account.
✕ Common Misconceptions
Not all chains use memos the same way. Never copy a memo from an old deposit without checking the receiving platform's current instructions.
Detailed Explanation
In Practice
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Destination Tag
A Destination Tag is an additional numeric identifier commonly used by XRP services to identify the intended customer when multiple users share the same XRP Ledger address.
Omnibus Wallet
An omnibus wallet is a shared blockchain wallet in which a custodian pools funds for multiple customers while tracking each customer's balance in its internal records.
Muxed Address
A Stellar muxed address combines a traditional Stellar account with a numeric identifier so services can distinguish users sharing the same underlying account.
Transaction Hash (TxID)
A transaction hash or TxID is a unique identifier used to locate and verify a specific blockchain transaction.
Memo or destination tag
A memo or destination tag is an extra identifier some crypto services use to assign a deposit sent to a shared blockchain address to the correct customer account.