A Destination Tag/Memo/Message is an additional address feature built up of numbers necessary for identifying a transaction recipient beyond a wallet address.
Here is why this is needed:
To facilitate the management, most trading platforms (like AscendEX) give one address for all crypto traders to deposit or withdraw all types of digital assets. Therefore, a Tag/Memo is used to determine what actual individual account a given transaction should be assigned and credited to.
To make it simple, the address users send one of these cryptocurrencies to can be equated to an apartment building address. The Tag/Memo identifies which specific apartment users live in, in the apartment building.
Note: If the deposit page requires the Tag/Memo/Message information, users must enter a Tag/Memo/Message when depositing on AscendEX to ensure that the deposit can be credited. Users need to follow the tag rules of the target address when withdrawing assets from AscendEX.
Which cryptocurrencies use Destination Tag technology?
The following cryptocurrencies available on AscendEX utilize destination tag technology:
When users deposit or withdraw those assets, they must provide a correct address along with a corresponding Tag/Memo/Message. A missed, incorrect or mismatched Tag/Memo/Message may lead to failed transactions and the assets cannot be retrieved.