diff --git a/go.mod b/go.mod
index 6846982002..17753c9984 100644
--- a/go.mod
+++ b/go.mod
@@ -13,6 +13,7 @@ require (
 	github.com/confio/ics23/go v0.6.3
 	github.com/cosmos/go-bip39 v1.0.0
 	github.com/cosmos/ledger-cosmos-go v0.11.1
+	github.com/dgraph-io/ristretto v0.0.3-0.20200630154024-f66de99634de
 	github.com/dvsekhvalnov/jose2go v0.0.0-20200901110807-248326c1351b
 	github.com/enigmampc/btcutil v1.0.3-0.20200723161021-e2fb6adb2a25
 	github.com/go-kit/kit v0.10.0
diff --git a/server/config/config.go b/server/config/config.go
index 94472ef424..8e9cb68cf4 100644
--- a/server/config/config.go
+++ b/server/config/config.go
@@ -74,6 +74,9 @@ type BaseConfig struct {
 	// IAVL cache size; bytes size unit
 	IAVLCacheSize int `mapstructure:"iavl-cache-size"`
 
+	// Bech32CacheSize is the maximum bytes size of bech32 cache (Default : 1GB)
+	Bech32CacheSize int `mapstructure:"bech32-cache-size"`
+
 	// When true, Prometheus metrics are served under /metrics on prometheus_listen_addr in config.toml.
 	// It works when tendermint's prometheus option (config.toml) is set to true.
 	Prometheus bool `mapstructure:"prometheus"`
@@ -179,6 +182,7 @@ func DefaultConfig() *Config {
 			InterBlockCache:     true,
 			InterBlockCacheSize: cache.DefaultCommitKVStoreCacheSize,
 			IAVLCacheSize:       iavl.DefaultIAVLCacheSize,
+			Bech32CacheSize:     sdk.DefaultBech32CacheSize,
 			Pruning:             storetypes.PruningOptionDefault,
 			PruningKeepRecent:   "0",
 			PruningKeepEvery:    "0",
diff --git a/server/config/toml.go b/server/config/toml.go
index d1fa97e0a7..de057ebdfa 100644
--- a/server/config/toml.go
+++ b/server/config/toml.go
@@ -69,6 +69,9 @@ inter-block-cache-size = {{ .BaseConfig.InterBlockCacheSize }}
 # IAVLCacheSize is the maximum bytes size of iavl node cache
 iavl-cache-size = {{ .BaseConfig.IAVLCacheSize }}
 
+# Bech32CacheSize is the maximum bytes size of bech32 cache (Default : 1GB)
+bech32-cache-size = {{ .BaseConfig.Bech32CacheSize }}
+
 # IndexEvents defines the set of events in the form {eventType}.{attributeKey},
 # which informs Tendermint what to index. If empty, all events will be indexed.
 #
diff --git a/server/start.go b/server/start.go
index 45826b313d..af59d72f96 100644
--- a/server/start.go
+++ b/server/start.go
@@ -43,6 +43,7 @@ const (
 	FlagInterBlockCache     = "inter-block-cache"
 	FlagInterBlockCacheSize = "inter-block-cache-size"
 	FlagIAVLCacheSize       = "iavl-cache-size"
+	FlagBech32CacheSize     = "bech32-cache-size"
 	FlagUnsafeSkipUpgrades  = "unsafe-skip-upgrades"
 	FlagTrace               = "trace"
 	FlagInvCheckPeriod      = "inv-check-period"
diff --git a/simapp/simd/cmd/root.go b/simapp/simd/cmd/root.go
index b763b9a2d1..3de911106c 100644
--- a/simapp/simd/cmd/root.go
+++ b/simapp/simd/cmd/root.go
@@ -165,6 +165,11 @@ func (a appCreator) newApp(logger log.Logger, db tmdb.DB, traceStore io.Writer,
 			cast.ToInt(appOpts.Get(server.FlagInterBlockCacheSize)), ibCacheMetricsProvider)
 	}
 
+	bech32CacheSize := cast.ToInt(appOpts.Get(server.FlagBech32CacheSize))
+	if bech32CacheSize > 0 {
+		sdk.SetBech32Cache(int64(bech32CacheSize))
+	}
+
 	skipUpgradeHeights := make(map[int64]bool)
 	for _, h := range cast.ToIntSlice(appOpts.Get(server.FlagUnsafeSkipUpgrades)) {
 		skipUpgradeHeights[int64(h)] = true
diff --git a/types/address.go b/types/address.go
index 6b1a11c32f..35a8982465 100644
--- a/types/address.go
+++ b/types/address.go
@@ -8,6 +8,7 @@ import (
 	"fmt"
 	"strings"
 
+	"github.com/dgraph-io/ristretto"
 	yaml "gopkg.in/yaml.v2"
 
 	"github.com/line/lbm-sdk/v2/codec/legacy"
@@ -92,6 +93,59 @@ var _ yaml.Marshaler = ConsAddress{}
 // account
 // ----------------------------------------------------------------------------
 
+// TODO We should add a layer to choose whether to access the cache or to run actual conversion
+// bech32 encoding and decoding takes a lot of time, so memoize it
+var bech32Cache Bech32Cache
+
+type Bech32Cache struct {
+	bech32ToAddrCache *ristretto.Cache
+	addrToBech32Cache *ristretto.Cache
+}
+
+func SetBech32Cache(size int64) {
+	var err error
+	config := &ristretto.Config{
+		NumCounters: 1e7, // number of keys to track frequency of (10M).
+		MaxCost:     size,
+		BufferItems: 64, // number of keys per Get buffer.
+	}
+	bech32Cache.bech32ToAddrCache, err = ristretto.NewCache(config)
+	if err != nil {
+		panic(err)
+	}
+	bech32Cache.addrToBech32Cache, err = ristretto.NewCache(config)
+	if err != nil {
+		panic(err)
+	}
+}
+
+func (cache *Bech32Cache) GetAddr(bech32Addr string) ([]byte, bool) {
+	if cache.bech32ToAddrCache != nil {
+		rawAddr, ok := cache.bech32ToAddrCache.Get(bech32Addr)
+		return rawAddr.([]byte), ok
+	}
+	return nil, false
+}
+
+func (cache *Bech32Cache) GetBech32(rawAddr []byte) (string, bool) {
+	if cache.bech32ToAddrCache != nil {
+		bech32Addr, ok := cache.bech32ToAddrCache.Get(rawAddr)
+		return bech32Addr.(string), ok
+	}
+	return "", false
+}
+
+func (cache *Bech32Cache) Set(bech32Addr string, rawAddr []byte) {
+	if cache.bech32ToAddrCache != nil {
+		cache.bech32ToAddrCache.Set(bech32Addr, rawAddr, int64(len(rawAddr)))
+	}
+	if cache.addrToBech32Cache != nil {
+		cache.addrToBech32Cache.Set(string(rawAddr), bech32Addr, int64(len(bech32Addr)))
+	}
+}
+
+const DefaultBech32CacheSize = 1 << 30 // maximum size of cache (1GB).
+
 // AccAddress a wrapper around bytes meant to represent an account address.
 // When marshaled to a string or JSON, it uses Bech32.
 type AccAddress []byte
@@ -117,14 +171,19 @@ func VerifyAddressFormat(bz []byte) error {
 }
 
 // AccAddressFromBech32 creates an AccAddress from a Bech32 string.
-func AccAddressFromBech32(address string) (addr AccAddress, err error) {
-	if len(strings.TrimSpace(address)) == 0 {
+func AccAddressFromBech32(bech32Addr string) (AccAddress, error) {
+	addr, ok := bech32Cache.GetAddr(bech32Addr)
+	if ok {
+		return addr, nil
+	}
+
+	if len(strings.TrimSpace(bech32Addr)) == 0 {
 		return AccAddress{}, errors.New("empty address string is not allowed")
 	}
 
 	bech32PrefixAccAddr := GetConfig().GetBech32AccountAddrPrefix()
 
-	bz, err := GetFromBech32(address, bech32PrefixAccAddr)
+	bz, err := GetFromBech32(bech32Addr, bech32PrefixAccAddr)
 	if err != nil {
 		return nil, err
 	}
@@ -133,8 +192,8 @@ func AccAddressFromBech32(address string) (addr AccAddress, err error) {
 	if err != nil {
 		return nil, err
 	}
-
-	return AccAddress(bz), nil
+	bech32Cache.Set(bech32Addr, bz)
+	return bz, nil
 }
 
 // Returns boolean for whether two AccAddresses are Equal
@@ -229,6 +288,11 @@ func (aa AccAddress) Bytes() []byte {
 
 // String implements the Stringer interface.
 func (aa AccAddress) String() string {
+	bech32Addr, ok := bech32Cache.GetBech32(aa)
+	if ok {
+		return bech32Addr
+	}
+
 	if aa.Empty() {
 		return ""
 	}
@@ -239,7 +303,7 @@ func (aa AccAddress) String() string {
 	if err != nil {
 		panic(err)
 	}
-
+	bech32Cache.Set(bech32Addr, aa)
 	return bech32Addr
 }