Yes, a payee can have multiple wallet addresses on a crypto exchange for receiving different cryptocurrencies. In fact, having separate wallet addresses for different cryptocurrencies is a common practice among cryptocurrency users and traders.

Each cryptocurrency operates on its own blockchain network, and each blockchain has its unique set of rules and protocols. As a result, different cryptocurrencies require different types of wallet addresses to receive and store funds securely.

For instance, if a payee wants to receive Bitcoin (BTC), they would need a Bitcoin wallet address, which is specific to the Bitcoin blockchain. On the other hand, to receive Ethereum (ETH), they would require an Ethereum wallet address compatible with the Ethereum blockchain.

Using multiple wallet addresses is beneficial for several reasons. It allows users to organize and track their holdings more efficiently, ensuring that funds are accurately allocated to the corresponding cryptocurrencies. Additionally, using separate addresses enhances security, as it minimizes the risk of errors and prevents confusion when sending or receiving different cryptocurrencies.

Most reputable crypto exchanges provide users with the option to generate and manage multiple wallet addresses within their platform. This feature simplifies the process of handling various cryptocurrencies and ensures that users can readily access their respective wallet addresses when needed.

Overall, utilizing multiple wallet addresses on a crypto exchange for receiving different cryptocurrencies is a practical and secure approach that aligns with the diverse nature of the cryptocurrency ecosystem.