diff --git a/src/status_im/constants.cljs b/src/status_im/constants.cljs
index 57366f34b71f..b4f878c5746e 100644
--- a/src/status_im/constants.cljs
+++ b/src/status_im/constants.cljs
@@ -237,12 +237,17 @@
 
 (def ^:const status-create-address "status_createaddress")
 
-(def ^:const path-root "m/44'/60'/0'/0")
-(def ^:const path-default-wallet "m/44'/60'/0'/0/0")
-(def ^:const path-whisper "m/43'/60'/1581'/0'/0")
+; The extended key from which any wallet can be derived
+(def ^:const path-wallet-root "m/44'/60'/0'/0")
+; The extended key from which any whisper key/encryption key can be derived
+(def ^:const path-eip1581 "m/43'/60'/1581'")
+(def ^:const path-default-wallet (str path-wallet-root "/0"))
+(def ^:const path-whisper (str path-eip1581 "/0'/0"))
 
 (def ^:const path-default-wallet-keyword (keyword path-default-wallet))
 (def ^:const path-whisper-keyword (keyword path-whisper))
+(def ^:const path-wallet-root-keyword (keyword path-wallet-root))
+(def ^:const path-eip1581-keyword (keyword path-eip1581))
 
 ;; (ethereum/sha3 "Transfer(address,address,uint256)")
 (def ^:const event-transfer-hash "0xddf252ad1be2c89b69c2b068fc378daa952ba7f163c4a11628f55a4df523b3ef")
diff --git a/src/status_im/multiaccounts/create/core.cljs b/src/status_im/multiaccounts/create/core.cljs
index 104774ca1555..afa8c63e9541 100644
--- a/src/status_im/multiaccounts/create/core.cljs
+++ b/src/status_im/multiaccounts/create/core.cljs
@@ -52,7 +52,7 @@
   (let [{:keys [selected-id address key-code]} (:intro-wizard db)
         {:keys [address]} (get-selected-multiaccount cofx)
         hashed-password (ethereum/sha3 (security/safe-unmask-data key-code))
-        callback #(re-frame/dispatch [::store-multiaccount-success key-code])]
+        callback #(re-frame/dispatch [::store-multiaccount-success key-code %])]
     {::store-multiaccount [selected-id address hashed-password callback]}))
 
 (fx/defn intro-wizard
@@ -184,11 +184,16 @@
         name (gfycat/generate-gfy publicKey)
         photo-path (identicon/identicon publicKey)
         multiaccount-data {:name name :address address :photo-path photo-path}
-        new-multiaccount (cond-> {:address             address
+        new-multiaccount (cond-> {; address of the master key
+                                  :address             address
+                                  ;; The address from which we derive any wallet
+                                  :wallet-root-address (get-in multiaccount [:derived constants/path-wallet-root-keyword :address])
+                                  ;; The address from which we derive any chat account/encryption keys
+                                  :eip1581-address     (get-in multiaccount [:derived constants/path-eip1581-keyword :address])
                                   :name                name
                                   :photo-path          photo-path
+                                  ; public key of the chat account
                                   :public-key          publicKey
-
                                   :latest-derived-path 0
                                   :accounts            [wallet-account]
                                   :signing-phrase      signing-phrase
@@ -296,26 +301,26 @@
   {:events [::store-multiaccount-success]
    :interceptors [(re-frame/inject-cofx :random-guid-generator)
                   (re-frame/inject-cofx ::get-signing-phrase)]}
-  [cofx password]
-  (on-multiaccount-created cofx (get-selected-multiaccount cofx) password {:seed-backed-up? false}))
+  [cofx password derived]
+  (on-multiaccount-created cofx
+                           (assoc
+                            (get-selected-multiaccount cofx)
+                            :derived
+                            (types/json->clj derived))
+                           password
+                           {:seed-backed-up? false}))
 
 (re-frame/reg-fx
  ::store-multiaccount
  (fn [[id address hashed-password callback]]
-   (status/multiaccount-store-account
+   (status/multiaccount-store-derived
     id
+    [constants/path-wallet-root
+     constants/path-eip1581
+     constants/path-whisper
+     constants/path-default-wallet]
     hashed-password
-    (fn []
-      (status/multiaccount-load-account
-       address
-       hashed-password
-       (fn [value]
-         (let [{:keys [id]} (types/json->clj value)]
-           (status/multiaccount-store-derived
-            id
-            [constants/path-whisper constants/path-default-wallet]
-            hashed-password
-            callback))))))))
+    callback)))
 
 (re-frame/reg-fx
  ::save-account-and-login
diff --git a/src/status_im/multiaccounts/recover/core.cljs b/src/status_im/multiaccounts/recover/core.cljs
index 04520f8c998d..7ce0a24cbad3 100644
--- a/src/status_im/multiaccounts/recover/core.cljs
+++ b/src/status_im/multiaccounts/recover/core.cljs
@@ -127,7 +127,10 @@
       (let [{:keys [id] :as root-data} (types/json->clj result)]
         (status-im.native-module.core/multiaccount-derive-addresses
          id
-         [constants/path-default-wallet constants/path-whisper]
+         [constants/path-wallet-root
+          constants/path-eip1581
+          constants/path-whisper
+          constants/path-default-wallet]
          (fn [result]
            (let [derived-data (types/json->clj result)]
              (re-frame/dispatch [::import-multiaccount-success
diff --git a/src/status_im/wallet/accounts/core.cljs b/src/status_im/wallet/accounts/core.cljs
index fcb1bf56e9dd..9d029f426af2 100644
--- a/src/status_im/wallet/accounts/core.cljs
+++ b/src/status_im/wallet/accounts/core.cljs
@@ -29,7 +29,7 @@
       (let [{:keys [id error]} (types/json->clj value)]
         (if error
           (re-frame/dispatch [::generate-new-account-error])
-          (let [path (str constants/path-root "/" path-num)]
+          (let [path (str constants/path-wallet-root "/" path-num)]
             (status/multiaccount-derive-addresses
              id
              [path]
@@ -58,7 +58,11 @@
   [{:keys [db]} password]
   (when-not (get-in db [:generate-account :step])
     {:db (assoc-in db [:generate-account :step] :generating)
-     ::generate-account {:address  (get-in db [:multiaccount :address])
+     ::generate-account {:address  (or
+                                    ;; Use the walllet-root-address for stored on disk keys
+                                    (get-in db [:multiaccount :wallet-root-address])
+                                    ;; Fallback on the master account for keycards
+                                    (get-in db [:multiaccount :address]))
                          :path-num (inc (get-in db [:multiaccount :latest-derived-path]))
                          :hashed-password (ethereum/sha3 password)}}))