What is a memo?
Memos play an important role in Stellar and Stacks transactions by allowing users to include messages and identification details on the global public ledger.
A memo is a message attached to a transaction on the Stellar and Stacks networks. It serves as a means of communication between users and enables the receiving party to identify the sending party. The Blockchain.com Exchange supports memos for both XLM (Stellar) and STX (Stacks).
Including a memo is particularly important when sending funds to exchanges. Exchanges often use a limited number of accounts to receive deposits, and they rely on memos to differentiate between users' deposits. Failing to include a memo in such cases can result in the loss of funds. If you are sending funds to an exchange outside the Blockchain.com Exchange, always check whether a memo is required, as the exchange will provide specific instructions.
Do I need to include a memo when transferring funds to my Blockchain Exchange Account?
Yes, because at Blockchain.com Exchange, we use a single XLM receiving address for Stellar deposits from all users. Thus, we require users to include a memo when making a deposit so we can distinguish your XLM deposit from other users. An XLM deposit made without a memo will result in your funds not being matched with your account.
Please be advised that you need to include a memo when sending XLM to your Blockchain.com Exchange account.
However, you don't need to include a memo when sending STX to your Blockchain.com Exchange Account.
Here is an example of how the required XLM memo looks like in your Blockchain.com Exchange Account:
Do I need to include a memo when transferring funds from my Blockchain Exchange Account?
When sending funds to exchanges or other custodial crypto platforms, it's crucial to check whether a memo is required to ensure a smooth transaction. Exchanges typically utilize a limited number of accounts for deposits and rely on memos to distinguish between users' deposits. Omitting a memo in such cases may lead to funds being lost. If you are sending funds to an exchange outside the Blockchain.com Exchange, remember to verify whether a memo is required, as the exchange will provide specific instructions to facilitate the process.
You can add memos when sending from your Blockchain.com Exchange Account:
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