diff --git a/aries_cloudagent/connections/base_manager.py b/aries_cloudagent/connections/base_manager.py
index f1d2ce9fa8..bdbe1dd00e 100644
--- a/aries_cloudagent/connections/base_manager.py
+++ b/aries_cloudagent/connections/base_manager.py
@@ -6,7 +6,6 @@
 import logging
 from typing import List, Optional, Sequence, Text, Tuple, Union
 
-from multiformats import multibase, multicodec
 from pydid import (
     BaseDIDDocument as ResolvedDocument,
     DIDCommService,
@@ -18,6 +17,7 @@
     Ed25519VerificationKey2020,
     JsonWebKey2020,
 )
+
 from ..cache.base import BaseCache
 from ..config.base import InjectionError
 from ..config.logging import get_logger_inst
@@ -41,6 +41,7 @@
 from ..storage.error import StorageDuplicateError, StorageError, StorageNotFoundError
 from ..storage.record import StorageRecord
 from ..transport.inbound.receipt import MessageReceipt
+from ..utils.multiformats import multibase, multicodec
 from ..wallet.base import BaseWallet
 from ..wallet.crypto import create_keypair, seed_to_did
 from ..wallet.did_info import DIDInfo
diff --git a/aries_cloudagent/connections/tests/test_base_manager.py b/aries_cloudagent/connections/tests/test_base_manager.py
index 20d3d21f0e..61ff118cd2 100644
--- a/aries_cloudagent/connections/tests/test_base_manager.py
+++ b/aries_cloudagent/connections/tests/test_base_manager.py
@@ -3,7 +3,6 @@
 from unittest.mock import call
 
 from asynctest import TestCase as AsyncTestCase, mock as async_mock
-from multiformats import multibase, multicodec
 from pydid import DID, DIDDocument, DIDDocumentBuilder
 from pydid.doc.builder import ServiceBuilder
 from pydid.verification_method import (
@@ -41,6 +40,7 @@
 from ...storage.error import StorageNotFoundError
 from ...storage.record import StorageRecord
 from ...transport.inbound.receipt import MessageReceipt
+from ...utils.multiformats import multibase, multicodec
 from ...wallet.base import DIDInfo
 from ...wallet.did_method import DIDMethods, SOV
 from ...wallet.error import WalletNotFoundError
diff --git a/aries_cloudagent/resolver/default/peer3.py b/aries_cloudagent/resolver/default/peer3.py
index bfe79ce15c..4f97716462 100644
--- a/aries_cloudagent/resolver/default/peer3.py
+++ b/aries_cloudagent/resolver/default/peer3.py
@@ -6,27 +6,22 @@
 the did:peer:2 has been replaced with the did:peer:3.
 """
 
-import re
 from copy import deepcopy
 from hashlib import sha256
+import re
 from typing import Optional, Pattern, Sequence, Text
-from multiformats import multibase, multicodec
-
-from peerdid.dids import (
-    DID,
-    MalformedPeerDIDError,
-    DIDDocument,
-)
-from peerdid.keys import to_multibase, MultibaseFormat
-from ...wallet.util import bytes_to_b58
 
-from ...connections.base_manager import BaseConnectionManager
+from peerdid.dids import DID, DIDDocument, MalformedPeerDIDError
+from peerdid.keys import MultibaseFormat, to_multibase
+
 from ...config.injection_context import InjectionContext
+from ...connections.base_manager import BaseConnectionManager
 from ...core.profile import Profile
 from ...storage.base import BaseStorage
 from ...storage.error import StorageNotFoundError
 from ...storage.record import StorageRecord
-
+from ...utils.multiformats import multibase, multicodec
+from ...wallet.util import bytes_to_b58
 from ..base import BaseDIDResolver, DIDNotFound, ResolverType
 
 RECORD_TYPE_DID_DOCUMENT = "did_document"  # pydid DIDDocument
diff --git a/aries_cloudagent/utils/multiformats/__init__.py b/aries_cloudagent/utils/multiformats/__init__.py
new file mode 100644
index 0000000000..b3aec34c53
--- /dev/null
+++ b/aries_cloudagent/utils/multiformats/__init__.py
@@ -0,0 +1 @@
+"""Multiformats utility functions."""
diff --git a/aries_cloudagent/utils/multiformats/multibase.py b/aries_cloudagent/utils/multiformats/multibase.py
new file mode 100644
index 0000000000..5f9ee5c0ff
--- /dev/null
+++ b/aries_cloudagent/utils/multiformats/multibase.py
@@ -0,0 +1,104 @@
+"""MultiBase encoding and decoding utilities."""
+
+from abc import ABC, abstractmethod
+from enum import Enum
+from typing import ClassVar, Literal, Union
+
+
+class MultibaseEncoder(ABC):
+    """Encoding details."""
+
+    name: ClassVar[str]
+    character: ClassVar[str]
+
+    @abstractmethod
+    def encode(self, value: bytes) -> str:
+        """Encode a byte string using this encoding."""
+
+    @abstractmethod
+    def decode(self, value: str) -> bytes:
+        """Decode a string using this encoding."""
+
+
+class Base58BtcEncoder(MultibaseEncoder):
+    """Base58BTC encoding."""
+
+    name = "base58btc"
+    character = "z"
+
+    def encode(self, value: bytes) -> str:
+        """Encode a byte string using the base58btc encoding."""
+        import base58
+
+        return base58.b58encode(value).decode()
+
+    def decode(self, value: str) -> bytes:
+        """Decode a multibase encoded string."""
+        import base58
+
+        return base58.b58decode(value)
+
+
+class Encoding(Enum):
+    """Enum for supported encodings."""
+
+    base58btc = Base58BtcEncoder()
+    # Insert additional encodings here
+
+    @classmethod
+    def from_name(cls, name: str) -> MultibaseEncoder:
+        """Get encoding from name."""
+        for encoding in cls:
+            if encoding.value.name == name:
+                return encoding.value
+        raise ValueError(f"Unsupported encoding: {name}")
+
+    @classmethod
+    def from_character(cls, character: str) -> MultibaseEncoder:
+        """Get encoding from character."""
+        for encoding in cls:
+            if encoding.value.character == character:
+                return encoding.value
+        raise ValueError(f"Unsupported encoding: {character}")
+
+
+EncodingStr = Literal[
+    "base58btc",
+    # Insert additional encoding names here
+]
+
+
+def encode(value: bytes, encoding: Union[Encoding, EncodingStr]) -> str:
+    """Encode a byte string using the given encoding.
+
+    Args:
+        value: The byte string to encode
+        encoding: The encoding to use
+
+    Returns:
+        The encoded string
+    """
+    if isinstance(encoding, str):
+        encoder = Encoding.from_name(encoding)
+    elif isinstance(encoding, Encoding):
+        encoder = encoding.value
+    else:
+        raise TypeError("encoding must be an Encoding or EncodingStr")
+
+    return encoder.character + encoder.encode(value)
+
+
+def decode(value: str) -> bytes:
+    """Decode a multibase encoded string.
+
+    Args:
+        value: The string to decode
+
+    Returns:
+        The decoded byte string
+    """
+    encoding = value[0]
+    encoded = value[1:]
+    encoder = Encoding.from_character(encoding)
+
+    return encoder.decode(encoded)
diff --git a/aries_cloudagent/utils/multiformats/multicodec.py b/aries_cloudagent/utils/multiformats/multicodec.py
new file mode 100644
index 0000000000..465d5b3ea2
--- /dev/null
+++ b/aries_cloudagent/utils/multiformats/multicodec.py
@@ -0,0 +1,72 @@
+"""Multicodec wrap and unwrap functions."""
+
+from enum import Enum
+from typing import Literal, NamedTuple, Optional, Union
+
+
+class Multicodec(NamedTuple):
+    """Multicodec base class."""
+
+    name: str
+    code: bytes
+
+
+class SupportedCodecs(Enum):
+    """Enumeration of supported multicodecs."""
+
+    ed25519_pub = Multicodec("ed25519-pub", b"\xed\x01")
+    x25519_pub = Multicodec("x25519-pub", b"\xec\x01")
+    bls12381g1 = Multicodec("bls12_381-g1-pub", b"\xea\x01")
+    bls12381g2 = Multicodec("bls12_381-g2-pub", b"\xeb\x01")
+    bls12381g1g2 = Multicodec("bls12_381-g1g2-pub", b"\xee\x01")
+    secp256k1_pub = Multicodec("secp256k1-pub", b"\xe7\x01")
+
+    @classmethod
+    def by_name(cls, name: str) -> Multicodec:
+        """Get multicodec by name."""
+        for codec in cls:
+            if codec.value.name == name:
+                return codec.value
+        raise ValueError(f"Unsupported multicodec: {name}")
+
+    @classmethod
+    def for_data(cls, data: bytes) -> Multicodec:
+        """Get multicodec by data."""
+        for codec in cls:
+            if data.startswith(codec.value.code):
+                return codec.value
+        raise ValueError("Unsupported multicodec")
+
+
+MulticodecStr = Literal[
+    "ed25519-pub",
+    "x25519-pub",
+    "bls12_381-g1-pub",
+    "bls12_381-g2-pub",
+    "bls12_381-g1g2-pub",
+    "secp256k1-pub",
+]
+
+
+def multicodec(name: str) -> Multicodec:
+    """Get multicodec by name."""
+    return SupportedCodecs.by_name(name)
+
+
+def wrap(multicodec: Union[Multicodec, MulticodecStr], data: bytes) -> bytes:
+    """Wrap data with multicodec prefix."""
+    if isinstance(multicodec, str):
+        multicodec = SupportedCodecs.by_name(multicodec)
+    elif isinstance(multicodec, Multicodec):
+        pass
+    else:
+        raise TypeError("multicodec must be Multicodec or MulticodecStr")
+
+    return multicodec.code + data
+
+
+def unwrap(data: bytes, codec: Optional[Multicodec] = None) -> tuple[Multicodec, bytes]:
+    """Unwrap data with multicodec prefix."""
+    if not codec:
+        codec = SupportedCodecs.for_data(data)
+    return codec, data[len(codec.code) :]
diff --git a/aries_cloudagent/utils/tests/test_multiformats.py b/aries_cloudagent/utils/tests/test_multiformats.py
new file mode 100644
index 0000000000..5ef8ce4308
--- /dev/null
+++ b/aries_cloudagent/utils/tests/test_multiformats.py
@@ -0,0 +1,73 @@
+import pytest
+from ..multiformats import multibase, multicodec
+
+
+def test_encode_decode():
+    value = b"Hello World!"
+    encoded = multibase.encode(value, "base58btc")
+    assert encoded == "z2NEpo7TZRRrLZSi2U"
+    decoded = multibase.decode(encoded)
+    assert decoded == value
+
+
+def test_encode_decode_by_encoding():
+    value = b"Hello World!"
+    encoded = multibase.encode(value, multibase.Encoding.base58btc)
+    assert encoded == "z2NEpo7TZRRrLZSi2U"
+    decoded = multibase.decode(encoded)
+    assert decoded == value
+
+
+def test_x_unknown_encoding():
+    with pytest.raises(ValueError):
+        multibase.encode(b"Hello World!", "fancy-encoding")
+
+
+def test_x_unknown_character():
+    with pytest.raises(ValueError):
+        multibase.decode("fHello World!")
+
+
+def test_x_invalid_encoding():
+    with pytest.raises(TypeError):
+        multibase.encode(b"Hello World!", 123)
+
+
+def test_wrap_unwrap():
+    value = b"Hello World!"
+    wrapped = multicodec.wrap("ed25519-pub", value)
+    codec, unwrapped = multicodec.unwrap(wrapped)
+    assert codec == multicodec.multicodec("ed25519-pub")
+    assert unwrapped == value
+
+
+def test_wrap_unwrap_custom():
+    value = b"Hello World!"
+    my_codec = multicodec.Multicodec("my-codec", b"\x00\x01")
+    wrapped = multicodec.wrap(my_codec, value)
+    codec, unwrapped = multicodec.unwrap(wrapped, my_codec)
+    assert codec == my_codec
+    assert unwrapped == value
+
+
+def test_wrap_unwrap_by_codec():
+    value = b"Hello World!"
+    wrapped = multicodec.wrap(multicodec.multicodec("ed25519-pub"), value)
+    codec, unwrapped = multicodec.unwrap(wrapped, multicodec.multicodec("ed25519-pub"))
+    assert codec == multicodec.multicodec("ed25519-pub")
+    assert unwrapped == value
+
+
+def test_x_unknown_multicodec():
+    with pytest.raises(ValueError):
+        multicodec.wrap("fancy-multicodec", b"Hello World!")
+
+
+def test_x_invalid_multicodec():
+    with pytest.raises(TypeError):
+        multicodec.wrap(123, b"Hello World!")
+
+
+def test_x_invalid_multicodec_unwrap():
+    with pytest.raises(ValueError):
+        multicodec.unwrap(b"Hello World!")
diff --git a/aries_cloudagent/vc/ld_proofs/suites/ed25519_signature_2020.py b/aries_cloudagent/vc/ld_proofs/suites/ed25519_signature_2020.py
index b1b823d5c9..fee9c89084 100644
--- a/aries_cloudagent/vc/ld_proofs/suites/ed25519_signature_2020.py
+++ b/aries_cloudagent/vc/ld_proofs/suites/ed25519_signature_2020.py
@@ -1,14 +1,13 @@
 """Ed25519Signature2018 suite."""
 
 from datetime import datetime
-from typing import Union, List
+from typing import List, Union
 
-from multiformats import multibase
-
-from .linked_data_signature import LinkedDataSignature
+from ....utils.multiformats import multibase
 from ..crypto import _KeyPair as KeyPair
 from ..document_loader import DocumentLoaderMethod
 from ..error import LinkedDataProofException
+from .linked_data_signature import LinkedDataSignature
 
 
 class Ed25519Signature2020(LinkedDataSignature):
diff --git a/poetry.lock b/poetry.lock
index c4aa757abe..3cebc6e7c3 100644
--- a/poetry.lock
+++ b/poetry.lock
@@ -265,24 +265,6 @@ files = [
 [package.extras]
 tests = ["PyHamcrest (>=2.0.2)", "mypy", "pytest (>=4.6)", "pytest-benchmark", "pytest-cov", "pytest-flake8"]
 
-[[package]]
-name = "bases"
-version = "0.2.1"
-description = "Python library for general Base-N encodings."
-optional = false
-python-versions = ">=3.7"
-files = [
-    {file = "bases-0.2.1-py3-none-any.whl", hash = "sha256:d030b5e349773ad2a067bfaaf3a9794b70d23a1f923033c15c2e0ce869854f6d"},
-    {file = "bases-0.2.1.tar.gz", hash = "sha256:b0999e14725b59bff38974b00e918629e0e29f3d80a40e022c6f0f8d5cdff9d4"},
-]
-
-[package.dependencies]
-typing-extensions = "*"
-typing-validation = "*"
-
-[package.extras]
-dev = ["base58", "mypy", "pylint", "pytest", "pytest-cov"]
-
 [[package]]
 name = "black"
 version = "23.7.0"
@@ -1528,44 +1510,6 @@ files = [
     {file = "multidict-6.0.4.tar.gz", hash = "sha256:3666906492efb76453c0e7b97f2cf459b0682e7402c0489a95484965dbc1da49"},
 ]
 
-[[package]]
-name = "multiformats"
-version = "0.2.1"
-description = "Python implementation of multiformats protocols."
-optional = false
-python-versions = ">=3.7"
-files = [
-    {file = "multiformats-0.2.1-py3-none-any.whl", hash = "sha256:0655fad05cff4cb9eaae3a0f61c4cf8189857fef5a5d0ade6aa25d6b8439e204"},
-    {file = "multiformats-0.2.1.tar.gz", hash = "sha256:4aee6eb5289c3cd00315e3f2b97e36b60db6af9bcec91d65f32d7155942dbef9"},
-]
-
-[package.dependencies]
-bases = "*"
-multiformats-config = "*"
-typing-extensions = "*"
-typing-validation = "*"
-
-[package.extras]
-dev = ["blake3", "mmh3", "mypy", "pycryptodomex", "pylint", "pysha3", "pyskein", "pytest", "pytest-cov"]
-full = ["blake3", "mmh3", "pycryptodomex", "pysha3", "pyskein"]
-
-[[package]]
-name = "multiformats-config"
-version = "0.2.0.post4"
-description = "Pre-loading configuration module for the 'multiformats' package."
-optional = false
-python-versions = ">=3.7"
-files = [
-    {file = "multiformats-config-0.2.0.post4.tar.gz", hash = "sha256:3b5d0be63211681edbcf887abe149fc17b43a79d0c009fb44232af9addf7a309"},
-    {file = "multiformats_config-0.2.0.post4-py3-none-any.whl", hash = "sha256:221a630732f7bb2cd6cb708b94a85da683e29618e4a2055eea1bf4f980feefce"},
-]
-
-[package.dependencies]
-multiformats = "*"
-
-[package.extras]
-dev = ["mypy", "pylint", "pytest", "pytest-cov"]
-
 [[package]]
 name = "mypy-extensions"
 version = "1.0.0"
@@ -2182,7 +2126,6 @@ files = [
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@@ -2190,15 +2133,8 @@ files = [
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-    {file = "PyYAML-6.0.1-cp311-cp311-musllinux_1_1_x86_64.whl", hash = "sha256:e7d73685e87afe9f3b36c799222440d6cf362062f78be1013661b00c5c6f678b"},
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-    {file = "PyYAML-6.0.1-cp312-cp312-macosx_10_9_x86_64.whl", hash = "sha256:855fb52b0dc35af121542a76b9a84f8d1cd886ea97c84703eaa6d88e37a2ad28"},
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-    {file = "PyYAML-6.0.1-cp312-cp312-win_amd64.whl", hash = "sha256:0d3304d8c0adc42be59c5f8a4d9e3d7379e6955ad754aa9d6ab7a398b59dd1df"},
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@@ -2215,7 +2151,6 @@ files = [
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-    {file = "PyYAML-6.0.1-cp38-cp38-musllinux_1_1_x86_64.whl", hash = "sha256:49a183be227561de579b4a36efbb21b3eab9651dd81b1858589f796549873dd6"},
     {file = "PyYAML-6.0.1-cp38-cp38-win32.whl", hash = "sha256:184c5108a2aca3c5b3d3bf9395d50893a7ab82a38004c8f61c258d4428e80206"},
     {file = "PyYAML-6.0.1-cp38-cp38-win_amd64.whl", hash = "sha256:1e2722cc9fbb45d9b87631ac70924c11d3a401b2d7f410cc0e3bbf249f2dca62"},
     {file = "PyYAML-6.0.1-cp39-cp39-macosx_10_9_x86_64.whl", hash = "sha256:9eb6caa9a297fc2c2fb8862bc5370d0303ddba53ba97e71f08023b6cd73d16a8"},
@@ -2223,7 +2158,6 @@ files = [
     {file = "PyYAML-6.0.1-cp39-cp39-manylinux_2_17_aarch64.manylinux2014_aarch64.whl", hash = "sha256:5773183b6446b2c99bb77e77595dd486303b4faab2b086e7b17bc6bef28865f6"},
     {file = "PyYAML-6.0.1-cp39-cp39-manylinux_2_17_s390x.manylinux2014_s390x.whl", hash = "sha256:b786eecbdf8499b9ca1d697215862083bd6d2a99965554781d0d8d1ad31e13a0"},
     {file = "PyYAML-6.0.1-cp39-cp39-manylinux_2_17_x86_64.manylinux2014_x86_64.whl", hash = "sha256:bc1bf2925a1ecd43da378f4db9e4f799775d6367bdb94671027b73b393a7c42c"},
-    {file = "PyYAML-6.0.1-cp39-cp39-musllinux_1_1_x86_64.whl", hash = "sha256:04ac92ad1925b2cff1db0cfebffb6ffc43457495c9b3c39d3fcae417d7125dc5"},
     {file = "PyYAML-6.0.1-cp39-cp39-win32.whl", hash = "sha256:faca3bdcf85b2fc05d06ff3fbc1f83e1391b3e724afa3feba7d13eeab355484c"},
     {file = "PyYAML-6.0.1-cp39-cp39-win_amd64.whl", hash = "sha256:510c9deebc5c0225e8c96813043e62b680ba2f9c50a08d3724c7f28a747d1486"},
     {file = "PyYAML-6.0.1.tar.gz", hash = "sha256:bfdf460b1736c775f2ba9f6a92bca30bc2095067b8a9d77876d1fad6cc3b4a43"},
@@ -2582,20 +2516,6 @@ files = [
     {file = "typing_extensions-4.0.1.tar.gz", hash = "sha256:4ca091dea149f945ec56afb48dae714f21e8692ef22a395223bcd328961b6a0e"},
 ]
 
-[[package]]
-name = "typing-validation"
-version = "1.0.0.post2"
-description = "A simple library for runtime type-checking."
-optional = false
-python-versions = ">=3.7"
-files = [
-    {file = "typing-validation-1.0.0.post2.tar.gz", hash = "sha256:6a30dec74373f9dca29db6f79ef65eb765a6934c09d87639cf422288933b2aa4"},
-    {file = "typing_validation-1.0.0.post2-py3-none-any.whl", hash = "sha256:c9f5cb42435ee59fcf5a1a69dc88ccd5dc6f904436e61b5b8c276906a1c9e454"},
-]
-
-[package.extras]
-dev = ["mypy", "pylint", "pytest", "pytest-cov", "rich"]
-
 [[package]]
 name = "unflatten"
 version = "0.1.1"
@@ -2879,4 +2799,4 @@ indy = ["python3-indy"]
 [metadata]
 lock-version = "2.0"
 python-versions = "^3.9"
-content-hash = "2192fc079ef7dbcf69ea617b81e6d1f74328ac130d2979d9d51cc4ab7561b375"
+content-hash = "98923c33a560d59e549895d86258aa5b0228ea7b08bd387586612bff5825a6e2"
diff --git a/pyproject.toml b/pyproject.toml
index 94f6685fcf..e53446ec24 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -29,7 +29,6 @@ jsonpath_ng="1.5.2"
 Markdown="~3.1.1"
 markupsafe="2.0.1"
 marshmallow="~3.20.1"
-multiformats="~0.2.1"
 nest_asyncio="~1.5.5"
 packaging="~23.1"
 portalocker="~2.7.0"