diff --git a/CHANGELOG.md b/CHANGELOG.md
index f9190ec3d8d7..24ac46d66183 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -36,6 +36,10 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ## Unreleased
 
+### Bug Fixes
+
+* (client/keys) [\#8436](https://github.com/cosmos/cosmos-sdk/pull/8436) Fix keybase->keyring keys migration.
+
 ### Improvements
 
 * (x/bank) [\#8479](https://github.com/cosmos/cosmos-sdk/pull/8479) Aditional client denom metadata validation for `base` and `display` denoms.
diff --git a/client/keys/migrate.go b/client/keys/migrate.go
index d80bbe163097..836a2655b087 100644
--- a/client/keys/migrate.go
+++ b/client/keys/migrate.go
@@ -62,7 +62,7 @@ func runMigrateCmd(cmd *cobra.Command, args []string) error {
 
 	var (
 		tmpDir   string
-		migrator keyring.InfoImporter
+		migrator keyring.Importer
 	)
 
 	if dryRun, _ := cmd.Flags().GetBool(flags.FlagDryRun); dryRun {
@@ -73,10 +73,10 @@ func runMigrateCmd(cmd *cobra.Command, args []string) error {
 
 		defer os.RemoveAll(tmpDir)
 
-		migrator, err = keyring.NewInfoImporter(keyringServiceName, "test", tmpDir, buf)
+		migrator, err = keyring.New(keyringServiceName, keyring.BackendTest, tmpDir, buf)
 	} else {
 		backend, _ := cmd.Flags().GetString(flags.FlagKeyringBackend)
-		migrator, err = keyring.NewInfoImporter(keyringServiceName, backend, rootDir, buf)
+		migrator, err = keyring.New(keyringServiceName, backend, rootDir, buf)
 	}
 
 	if err != nil {
@@ -86,12 +86,12 @@ func runMigrateCmd(cmd *cobra.Command, args []string) error {
 		))
 	}
 
-	for _, key := range oldKeys {
-		legKeyInfo, err := legacyKb.Export(key.GetName())
-		if err != nil {
-			return err
-		}
+	if len(oldKeys) == 0 {
+		cmd.Print("Migration Aborted: no keys to migrate")
+		return nil
+	}
 
+	for _, key := range oldKeys {
 		keyName := key.GetName()
 		keyType := key.GetType()
 
@@ -107,7 +107,12 @@ func runMigrateCmd(cmd *cobra.Command, args []string) error {
 		}
 
 		if keyType != keyring.TypeLocal {
-			if err := migrator.Import(keyName, legKeyInfo); err != nil {
+			pubkeyArmor, err := legacyKb.ExportPubKey(keyName)
+			if err != nil {
+				return err
+			}
+
+			if err := migrator.ImportPubKey(keyName, pubkeyArmor); err != nil {
 				return err
 			}
 
@@ -127,10 +132,11 @@ func runMigrateCmd(cmd *cobra.Command, args []string) error {
 			return err
 		}
 
-		if err := migrator.Import(keyName, armoredPriv); err != nil {
+		if err := migrator.ImportPrivKey(keyName, armoredPriv, migratePassphrase); err != nil {
 			return err
 		}
 	}
+	cmd.Print("Migration Complete")
 
 	return err
 }
diff --git a/client/keys/testdata/keys/keys.db/000002.ldb b/client/keys/testdata/keys/keys.db/000002.ldb
deleted file mode 100644
index b36586df3626..000000000000
Binary files a/client/keys/testdata/keys/keys.db/000002.ldb and /dev/null differ
diff --git a/client/keys/testdata/keys/keys.db/CURRENT b/client/keys/testdata/keys/keys.db/CURRENT
index cacca7574c03..aa5bb8ea5090 100644
--- a/client/keys/testdata/keys/keys.db/CURRENT
+++ b/client/keys/testdata/keys/keys.db/CURRENT
@@ -1 +1 @@
-MANIFEST-000004
+MANIFEST-000005
diff --git a/client/keys/testdata/keys/keys.db/CURRENT.bak b/client/keys/testdata/keys/keys.db/CURRENT.bak
index feda7d6b2481..4fb1dad19e03 100644
--- a/client/keys/testdata/keys/keys.db/CURRENT.bak
+++ b/client/keys/testdata/keys/keys.db/CURRENT.bak
@@ -1 +1 @@
-MANIFEST-000000
+MANIFEST-000003
diff --git a/client/keys/testdata/keys/keys.db/LOG b/client/keys/testdata/keys/keys.db/LOG
index 386101e4fb91..e37648b855bb 100644
--- a/client/keys/testdata/keys/keys.db/LOG
+++ b/client/keys/testdata/keys/keys.db/LOG
@@ -1,18 +1,30 @@
-=============== Mar 30, 2020 (CEST) ===============
-02:07:34.137606 log@legend F·NumFile S·FileSize N·Entry C·BadEntry B·BadBlock Ke·KeyError D·DroppedEntry L·Level Q·SeqNum T·TimeElapsed
-02:07:34.144547 db@open opening
-02:07:34.144770 version@stat F·[] S·0B[] Sc·[]
-02:07:34.145843 db@janitor F·2 G·0
-02:07:34.145875 db@open done T·1.315251ms
-02:07:34.335635 db@close closing
-02:07:34.335736 db@close done T·98.95µs
-=============== Mar 30, 2020 (CEST) ===============
-02:08:33.239115 log@legend F·NumFile S·FileSize N·Entry C·BadEntry B·BadBlock Ke·KeyError D·DroppedEntry L·Level Q·SeqNum T·TimeElapsed
-02:08:33.239264 version@stat F·[] S·0B[] Sc·[]
-02:08:33.239281 db@open opening
-02:08:33.239310 journal@recovery F·1
-02:08:33.239398 journal@recovery recovering @1
-02:08:33.322008 memdb@flush created L0@2 N·4 S·391B "cos..ess,v4":"run..nfo,v3"
-02:08:33.323091 version@stat F·[1] S·391B[391B] Sc·[0.25]
-02:08:33.421979 db@janitor F·3 G·0
-02:08:33.422153 db@open done T·182.707962ms
+=============== Feb 2, 2021 (IST) ===============
+00:03:25.348369 log@legend F·NumFile S·FileSize N·Entry C·BadEntry B·BadBlock Ke·KeyError D·DroppedEntry L·Level Q·SeqNum T·TimeElapsed
+00:03:25.350695 db@open opening
+00:03:25.350888 version@stat F·[] S·0B[] Sc·[]
+00:03:25.351864 db@janitor F·2 G·0
+00:03:25.351881 db@open done T·1.169825ms
+00:03:25.351895 db@close closing
+00:03:25.351929 db@close done T·33.042µs
+=============== Feb 2, 2021 (IST) ===============
+00:03:34.450638 log@legend F·NumFile S·FileSize N·Entry C·BadEntry B·BadBlock Ke·KeyError D·DroppedEntry L·Level Q·SeqNum T·TimeElapsed
+00:03:34.450722 version@stat F·[] S·0B[] Sc·[]
+00:03:34.450737 db@open opening
+00:03:34.450765 journal@recovery F·1
+00:03:34.450851 journal@recovery recovering @1
+00:03:34.451173 version@stat F·[] S·0B[] Sc·[]
+00:03:34.454278 db@janitor F·2 G·0
+00:03:34.454298 db@open done T·3.548046ms
+00:03:34.454307 db@close closing
+00:03:34.454327 db@close done T·19.017µs
+=============== Feb 2, 2021 (IST) ===============
+00:03:42.025705 log@legend F·NumFile S·FileSize N·Entry C·BadEntry B·BadBlock Ke·KeyError D·DroppedEntry L·Level Q·SeqNum T·TimeElapsed
+00:03:42.025892 version@stat F·[] S·0B[] Sc·[]
+00:03:42.025907 db@open opening
+00:03:42.025943 journal@recovery F·1
+00:03:42.026790 journal@recovery recovering @2
+00:03:42.026946 version@stat F·[] S·0B[] Sc·[]
+00:03:42.031645 db@janitor F·2 G·0
+00:03:42.031661 db@open done T·5.750008ms
+00:03:42.283102 db@close closing
+00:03:42.283162 db@close done T·58.775µs
diff --git a/client/keys/testdata/keys/keys.db/MANIFEST-000004 b/client/keys/testdata/keys/keys.db/MANIFEST-000004
deleted file mode 100644
index 557b4bdbbc93..000000000000
Binary files a/client/keys/testdata/keys/keys.db/MANIFEST-000004 and /dev/null differ
diff --git a/client/keys/testdata/keys/keys.db/MANIFEST-000005 b/client/keys/testdata/keys/keys.db/MANIFEST-000005
new file mode 100644
index 000000000000..a9e8a261c788
Binary files /dev/null and b/client/keys/testdata/keys/keys.db/MANIFEST-000005 differ
diff --git a/crypto/keyring/keyring.go b/crypto/keyring/keyring.go
index f88ffdc37010..164e6bfc19d5 100644
--- a/crypto/keyring/keyring.go
+++ b/crypto/keyring/keyring.go
@@ -108,6 +108,7 @@ type Signer interface {
 type Importer interface {
 	// ImportPrivKey imports ASCII armored passphrase-encrypted private keys.
 	ImportPrivKey(uid, armor, passphrase string) error
+
 	// ImportPubKey imports ASCII armored public keys.
 	ImportPubKey(uid string, armor string) error
 }