What is memo, tag? | Multixchange

A note (comment, memo, or destination tag) is required when transferring cryptocurrency to centralized platforms. This is because many exchanges use one or several common addresses to receive funds from all users. This identifier helps the system understand which specific internal account your crypto assets need to be credited to. Therefore, it is extremely important not to forget to fill in this field when sending coins from your personal wallet, so that the platform can correctly and without delay credit them to your balance.