A Destination Tag/Memo is an additional address feature necessary for identifying a transaction recipient beyond a wallet address.
Why is the Destination tag/Memo needed?
This is necessary to recognise the correct recipient of the funds.
For cryptocurrencies that use destination tag/memo technology, most centralized crypto platforms use one wallet address for all users. The tag/memo is used to determine the individual account to which the transaction should be credited.
Which currencies have a Destination Tag/Memo?
There is a number of cryptocurrencies that have a Destination Tag/Memo.
Currently, supported on Koinal is the Ripple (XRP) coin that requires a Destination tag.
Other currencies that often require a Destination Tag/Memo are XLM, EOS, ATOM, STX, BNB, etc.
Do I need to use the Destination Tag/Memo when depositing XRP to Koinal?
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 Koinal. Not inputting the correct Destination Tag might result in a loss of funds.