Which cryptocurrencies use Destination Tag technology?
The following cryptocurrencies supported on CoinZoom utilize destination tag technology:
|EOS (EOS)||Memo||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 CoinZoom.
- For instructions on how to to find or use a destination tag on CoinZoom Pro, go to our help page
- For instructions on how to to find or use a destination tag on CoinZoom, go to our help page
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 CoinZoom) 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.
When is a Tag/Memo not required?
The only exception to the requirement to include the destination tag is when sending to a privately controlled cryptocurrency storage place or device.
A private wallet is one which the individual fully controls (has custody of) both the public and private keys. This is not a CoinZoom wallet, i.e. one on CoinZoom.com. Examples of a private wallet include (but are not limited to):
- Desktop: wallets downloaded and installed on a PC or laptop
- Hardware: wallets stored on a hardware device like a USB, and are stored offline
Warning: if you are uncertain about whether you are sending to a public or a private wallet, please contact CoinZoom support.
Using a private wallet to send crypto that uses Destination Tag technology
- If you are sending cryptocurrency that uses Destination Tag technology to CoinZoom, you must input a correct Tag/Memo.
- Both an address and a tag/memo are required to receive cryptocurrency. If you send funds without a tag/memo or with an incorrect Tag/Memo, your funds cannot be credited to your account.
- If you are sending cryptocurrency off of CoinZoom to a private/personal wallet, a tag/memo may not be required
Important: It is your responsibility to determine whether a Tag/Memo is required by your recipient wallet. If in doubt, CoinZoom strongly encourages you to send a small amount of cryptocurrency as as test send prior to attempting to send a significant amount.