ATOM is the native cryptocurrency of the Cosmos blockchain network. When you send ATOM from your Luno wallet, you can include an optional memo with your transaction.
What is a memo?
Some crypto exchanges provide all their customers with a single, shared address for receiving ATOM.
A memo is a unique string of numbers, letters, or characters assigned to each of the wallet address’s users to distinguish them from one another. It performs the same function as an XRP tag: the wallet address plus the memo specifies the correct recipient.
If you were sending a package to someone who lives in an apartment building, you’d need to specify the street address for the building and the apartment number for the recipient. The wallet address gets your transaction to the building, and the memo specifies whose postbox to put it in.
Must I add a memo when sending to another exchange?
That depends on how the exchange has organised its Cosmos addresses for customers.
If it has one shared address for all its customers to receive ATOM, then you must include a memo to ensure those funds are received successfully.
Tip
The screen that shows you or your recipient their wallet address should display a memo alongside the address if it’s required.
However, many crypto wallet providers give each of their customers unique receive addresses for ATOM, in which case you can leave the memo field blank.
When in doubt, contact the exchange or your recipient to confirm if you need to include a memo for your ATOM transaction.
Does Luno require a memo for receiving ATOM?
No, each Luno customer has a unique receive address for ATOM, so you don’t need to include a memo when sending ATOM to your Luno wallet.