diff --git a/ironfish/src/wallet/masterKey.test.ts b/ironfish/src/wallet/masterKey.test.ts
new file mode 100644
index 0000000000..7af4ec390b
--- /dev/null
+++ b/ironfish/src/wallet/masterKey.test.ts
@@ -0,0 +1,37 @@
+/* This Source Code Form is subject to the terms of the Mozilla Public
+ * License, v. 2.0. If a copy of the MPL was not distributed with this
+ * file, You can obtain one at https://mozilla.org/MPL/2.0/. */
+import { MasterKey } from './masterKey'
+
+describe('MasterKey', () => {
+  it('can regenerate the master key from parts', async () => {
+    const passphrase = 'foobar'
+    const masterKey = MasterKey.generate(passphrase)
+    const duplicate = new MasterKey({ nonce: masterKey.nonce, salt: masterKey.salt })
+
+    const key = await masterKey.unlock(passphrase)
+    const reconstructed = await duplicate.unlock(passphrase)
+    expect(key.key().equals(reconstructed.key())).toBe(true)
+  })
+
+  it('can regenerate the child key from parts', async () => {
+    const passphrase = 'foobar'
+    const masterKey = MasterKey.generate(passphrase)
+    await masterKey.unlock(passphrase)
+
+    const childKey = masterKey.deriveNewKey()
+    const duplicate = masterKey.deriveKey(childKey.salt(), childKey.nonce())
+    expect(childKey.key().equals(duplicate.key())).toBe(true)
+  })
+
+  it('can save and remove the xchacha20poly1305 in memory', async () => {
+    const passphrase = 'foobar'
+    const masterKey = MasterKey.generate(passphrase)
+
+    await masterKey.unlock(passphrase)
+    expect(masterKey['masterKey']).not.toBeNull()
+
+    await masterKey.lock()
+    expect(masterKey['masterKey']).toBeNull()
+  })
+})
diff --git a/ironfish/src/wallet/masterKey.ts b/ironfish/src/wallet/masterKey.ts
new file mode 100644
index 0000000000..b2dab80726
--- /dev/null
+++ b/ironfish/src/wallet/masterKey.ts
@@ -0,0 +1,93 @@
+/* This Source Code Form is subject to the terms of the Mozilla Public
+ * License, v. 2.0. If a copy of the MPL was not distributed with this
+ * file, You can obtain one at https://mozilla.org/MPL/2.0/. */
+import { xchacha20poly1305 } from '@ironfish/rust-nodejs'
+import { Assert } from '../assert'
+import { Mutex } from '../mutex'
+import { MasterKeyValue } from './walletdb/masterKeyValue'
+
+/**
+ * A Master Key implementation for XChaCha20Poly1305. This class can be used
+ * to derive child keys deterministically given the child key's salt and nonces.
+ *
+ * This master key does not automatically lock or unlock. You must call those
+ * explicitly if you would like any default timeout behavior.
+ */
+export class MasterKey {
+  private mutex: Mutex
+  private locked: boolean
+
+  readonly salt: Buffer
+  readonly nonce: Buffer
+
+  private masterKey: xchacha20poly1305.XChaCha20Poly1305Key | null
+
+  constructor(masterKeyValue: MasterKeyValue) {
+    this.mutex = new Mutex()
+
+    this.salt = masterKeyValue.salt
+    this.nonce = masterKeyValue.nonce
+
+    this.locked = true
+    this.masterKey = null
+  }
+
+  static generate(passphrase: string): MasterKey {
+    const key = new xchacha20poly1305.XChaCha20Poly1305Key(passphrase)
+    return new MasterKey({ salt: key.salt(), nonce: key.nonce() })
+  }
+
+  async lock(): Promise<void> {
+    const unlock = await this.mutex.lock()
+
+    try {
+      if (this.masterKey) {
+        this.masterKey.destroy()
+        this.masterKey = null
+      }
+
+      this.locked = true
+    } finally {
+      unlock()
+    }
+  }
+
+  async unlock(passphrase: string): Promise<xchacha20poly1305.XChaCha20Poly1305Key> {
+    const unlock = await this.mutex.lock()
+
+    try {
+      this.masterKey = xchacha20poly1305.XChaCha20Poly1305Key.fromParts(
+        passphrase,
+        this.salt,
+        this.nonce,
+      )
+      this.locked = false
+
+      return this.masterKey
+    } catch (e) {
+      if (this.masterKey) {
+        this.masterKey.destroy()
+        this.masterKey = null
+      }
+
+      this.locked = true
+      throw e
+    } finally {
+      unlock()
+    }
+  }
+
+  deriveNewKey(): xchacha20poly1305.XChaCha20Poly1305Key {
+    Assert.isFalse(this.locked)
+    Assert.isNotNull(this.masterKey)
+
+    return this.masterKey.deriveNewKey()
+  }
+
+  deriveKey(salt: Buffer, nonce: Buffer): xchacha20poly1305.XChaCha20Poly1305Key {
+    Assert.isFalse(this.locked)
+    Assert.isNotNull(this.masterKey)
+
+    return this.masterKey.deriveKey(salt, nonce)
+  }
+}
diff --git a/ironfish/src/wallet/walletdb/masterKeyValue.test.ts b/ironfish/src/wallet/walletdb/masterKeyValue.test.ts
new file mode 100644
index 0000000000..351f643200
--- /dev/null
+++ b/ironfish/src/wallet/walletdb/masterKeyValue.test.ts
@@ -0,0 +1,32 @@
+/* This Source Code Form is subject to the terms of the Mozilla Public
+ * License, v. 2.0. If a copy of the MPL was not distributed with this
+ * file, You can obtain one at https://mozilla.org/MPL/2.0/. */
+import { xchacha20poly1305 } from '@ironfish/rust-nodejs'
+import { MasterKeyValue, NullableMasterKeyValueEncoding } from './masterKeyValue'
+
+describe('MasterKeyValueEncoding', () => {
+  describe('with a defined value', () => {
+    it('serializes the value into a buffer and deserializes to the original value', () => {
+      const encoder = new NullableMasterKeyValueEncoding()
+
+      const value: MasterKeyValue = {
+        nonce: Buffer.alloc(xchacha20poly1305.XNONCE_LENGTH),
+        salt: Buffer.alloc(xchacha20poly1305.XSALT_LENGTH),
+      }
+      const buffer = encoder.serialize(value)
+      const deserializedValue = encoder.deserialize(buffer)
+      expect(deserializedValue).toEqual(value)
+    })
+  })
+
+  describe('with a null value', () => {
+    it('serializes the value into a buffer and deserializes to the original value', () => {
+      const encoder = new NullableMasterKeyValueEncoding()
+
+      const value = null
+      const buffer = encoder.serialize(value)
+      const deserializedValue = encoder.deserialize(buffer)
+      expect(deserializedValue).toEqual(value)
+    })
+  })
+})
diff --git a/ironfish/src/wallet/walletdb/masterKeyValue.ts b/ironfish/src/wallet/walletdb/masterKeyValue.ts
new file mode 100644
index 0000000000..a706dcfafa
--- /dev/null
+++ b/ironfish/src/wallet/walletdb/masterKeyValue.ts
@@ -0,0 +1,46 @@
+/* This Source Code Form is subject to the terms of the Mozilla Public
+ * License, v. 2.0. If a copy of the MPL was not distributed with this
+ * file, You can obtain one at https://mozilla.org/MPL/2.0/. */
+import { xchacha20poly1305 } from '@ironfish/rust-nodejs'
+import bufio from 'bufio'
+import { IDatabaseEncoding } from '../../storage'
+
+export type MasterKeyValue = {
+  nonce: Buffer
+  salt: Buffer
+}
+
+export class NullableMasterKeyValueEncoding
+  implements IDatabaseEncoding<MasterKeyValue | null>
+{
+  serialize(value: MasterKeyValue | null): Buffer {
+    const bw = bufio.write(this.getSize(value))
+
+    if (value) {
+      bw.writeBytes(value.nonce)
+      bw.writeBytes(value.salt)
+    }
+
+    return bw.render()
+  }
+
+  deserialize(buffer: Buffer): MasterKeyValue | null {
+    const reader = bufio.read(buffer, true)
+
+    if (reader.left()) {
+      const nonce = reader.readBytes(xchacha20poly1305.XNONCE_LENGTH)
+      const salt = reader.readBytes(xchacha20poly1305.XSALT_LENGTH)
+      return { nonce, salt }
+    }
+
+    return null
+  }
+
+  getSize(value: MasterKeyValue | null): number {
+    if (!value) {
+      return 0
+    }
+
+    return xchacha20poly1305.XNONCE_LENGTH + xchacha20poly1305.XSALT_LENGTH
+  }
+}