TL;DR - Memo’s are not needed or common with many cryptocurrencies, but if an exchange asks you to include one in your transactions being sent to them, please make sure you follow their instructions or you could lose your funds.
Oftentimes cryptocurrency users are accustomed to just plugging in another address into the “send to” field and the amount and then submitting the transaction to the network. However with some networks and specific types of businesses like cryptocurrency exchanges, there can often be a few extra steps to send your funds.
For exchanges such as Binance, Huobi and others which trade crypto tokens like ATOM, they will often ask for something called a memo which helps them route and track the deposit related to your account. This memo field is not common on every type of cryptocurrency so it might catch some new users off guard. It is crucial you follow the steps that the exchange you are sending to gives you so you do not lose your funds.
Some crypto tokens that Lunie currently supports that will need a memo address with exchanges include:
- Cosmos (ATOM)
- Terra (LUNA)
- More to come
Sending TO An Exchange From Lunie
When you are sending ATOM or other memo-required crypto tokens from your Lunie wallet to an exchange, you click the send button as usual and fill in the address provided by the exchange. You input the amount and then you will need to reveal the memo field at the bottom of the sending view.
Before hitting next you must input your memo as provided by the exchange and then move to the next screen where you adjust your fees and send as normal.
Sending FROM An Exchange To Lunie
Sending to your wallet using Lunie from an exchange does not require any memo. You can send the crypto tokens as you would anything else directly to your address displayed in your Lunie wallet. Your exchange might provide a memo box for you, but you can leave it blank if you’re just sending it to your Lunie wallet address.
As always, if you have any questions about this, please send us a message before you hit send and we’ll be glad to help. It’s better to ask for help before clicking send than needing to deal with an exchange’s customer service, or worse, lose your money!