A Memo or Destination Tag serves as a critical identifier essential for identifying the intended recipient of a transaction beyond a wallet address on a centralized exchange.
Why is this needed?
Centralized exchanges, including prominent platforms like Coinbase and Binance, typically assign a single wallet address to all their users for transactions involving certain cryptocurrencies. These cryptocurrencies utilize memo/destination tag technology to accurately allocate transactions to the correct individual account.
Which cryptocurrencies use the Tag feature in OneKey App?
The following cryptocurrencies supported on OneKey App utilize this tag technology:
| Cryptocurrency | Feature Name | Format |
| XRP (XRP) | Destination Tag | Numbers Only |
| Cosmos (ATOM) | Memo Tag | Numbers Only |
| Crypto.org/CRONOS (CRO) | Memo Tag | / |
FAQs
Why is a Memo Tag essential when transferring coins from OneKey App to an exchange?
When sending your cryptocurrencies from OneKey App to a centralized exchange like Coinbase, incorporating a Memo/Destination Tag is imperative. Given that many exchanges operate with a limited number of receiving addresses, the memo tag is crucial for the exchange to correctly attribute the incoming funds to your account. Neglecting to include a tag could result in your funds not being properly credited.
Is a Tag necessary when sending cryptocurrencies from an exchange to your OneKey wallet?
No, when transferring assets from an exchange to your OneKey App wallet, specifying a tag is not required. The OneKey App wallet is a secure, privately managed wallet, where you hold the private key and have full control over your cryptocurrency assets. Consequently, any funds sent to your wallet address will be automatically credited without the need for a tag.
What should you do if you've conducted a transaction without a Tag?
If you've inadvertently made a transaction without including a Tag, the exchange will still receive your assets but will be unable to allocate them to your account due to the lack of identification. Since blockchain transactions are irreversible, OneKey cannot intervene in this scenario. The only solution is to reach out to the exchange's customer support, providing them with details to help identify and correctly assign your deposit.