diff --git a/did/document.go b/did/document.go
index 6f5fb31..a3f31dc 100644
--- a/did/document.go
+++ b/did/document.go
@@ -6,6 +6,7 @@ import (
 	"encoding/json"
 	"errors"
 	"fmt"
+	"github.com/multiformats/go-multibase"
 
 	"github.com/nuts-foundation/go-did"
 
@@ -303,9 +304,11 @@ func (s Service) UnmarshalServiceEndpoint(target interface{}) error {
 
 // VerificationMethod represents a DID Verification Method as specified by the DID Core specification (https://www.w3.org/TR/did-core/#verification-methods).
 type VerificationMethod struct {
-	ID              DID                    `json:"id"`
-	Type            ssi.KeyType            `json:"type,omitempty"`
-	Controller      DID                    `json:"controller,omitempty"`
+	ID                 DID         `json:"id"`
+	Type               ssi.KeyType `json:"type,omitempty"`
+	Controller         DID         `json:"controller,omitempty"`
+	PublicKeyMultibase string      `json:"publicKeyMultibase,omitempty"`
+	// PublicKeyBase58 is deprecated and should not be used anymore. Use PublicKeyMultibase or PublicKeyJwk instead.
 	PublicKeyBase58 string                 `json:"publicKeyBase58,omitempty"`
 	PublicKeyJwk    map[string]interface{} `json:"publicKeyJwk,omitempty"`
 }
@@ -343,8 +346,11 @@ func NewVerificationMethod(id DID, keyType ssi.KeyType, controller DID, key cryp
 		if !ok {
 			return nil, errors.New("wrong key type")
 		}
-		encodedKey := base58.Encode(ed25519Key, base58.BitcoinAlphabet)
-		vm.PublicKeyBase58 = encodedKey
+		encodedKey, err := multibase.Encode(multibase.Base58BTC, ed25519Key)
+		if err != nil {
+			return nil, err
+		}
+		vm.PublicKeyMultibase = encodedKey
 	}
 
 	return vm, nil
@@ -367,9 +373,20 @@ func (v VerificationMethod) PublicKey() (crypto.PublicKey, error) {
 	var pubKey crypto.PublicKey
 	switch v.Type {
 	case ssi.ED25519VerificationKey2018:
-		keyBytes, err := base58.Decode(v.PublicKeyBase58, base58.BitcoinAlphabet)
-		if err != nil {
-			return nil, err
+		var keyBytes []byte
+		var err error
+		if v.PublicKeyMultibase != "" {
+			_, keyBytes, err = multibase.Decode(v.PublicKeyMultibase)
+			if err != nil {
+				return nil, fmt.Errorf("publicKeyMultibase decode error: %w", err)
+			}
+		} else if v.PublicKeyBase58 != "" {
+			keyBytes, err = base58.Decode(v.PublicKeyBase58, base58.BitcoinAlphabet)
+			if err != nil {
+				return nil, fmt.Errorf("publicKeyBase58 decode error: %w", err)
+			}
+		} else {
+			return nil, errors.New("expected either publicKeyMultibase or publicKeyBase58 to be set")
 		}
 		return ed25519.PublicKey(keyBytes), err
 	case ssi.JsonWebKey2020:
@@ -429,6 +446,20 @@ func (v *VerificationMethod) UnmarshalJSON(bytes []byte) error {
 	if err != nil {
 		return err
 	}
+	// publicKeyJWK, publicKeyBase58 and publicKeyMultibase are all mutually exclusive
+	countPresent := 0
+	if len(tmp.PublicKeyJwk) > 0 {
+		countPresent++
+	}
+	if len(tmp.PublicKeyBase58) > 0 {
+		countPresent++
+	}
+	if len(tmp.PublicKeyMultibase) > 0 {
+		countPresent++
+	}
+	if countPresent > 1 {
+		return errors.New("only one of publicKeyJWK, publicKeyBase58 and publicKeyMultibase can be present")
+	}
 	*v = (VerificationMethod)(tmp)
 	return nil
 }
diff --git a/did/document_test.go b/did/document_test.go
index 37cafc1..5cc3ceb 100644
--- a/did/document_test.go
+++ b/did/document_test.go
@@ -425,6 +425,48 @@ func TestVerificationRelationship_UnmarshalJSON(t *testing.T) {
 	})
 }
 
+func TestNewVerificationMethod(t *testing.T) {
+	t.Run("Ed25519VerificationKey2018", func(t *testing.T) {
+		id, _ := ParseDID("did:example:123")
+		expectedKey, _, _ := ed25519.GenerateKey(rand.Reader)
+		vm, err := NewVerificationMethod(*id, ssi.ED25519VerificationKey2018, *id, expectedKey)
+		require.NoError(t, err)
+		assert.Equal(t, ssi.ED25519VerificationKey2018, vm.Type)
+		assert.NotEmpty(t, vm.PublicKeyMultibase)
+		assert.Empty(t, vm.PublicKeyBase58)
+		// Unmarshal, check it's equal to the input key
+		actualKey, err := vm.PublicKey()
+		require.NoError(t, err)
+		assert.Equal(t, expectedKey, actualKey)
+	})
+}
+
+func TestVerificationMethod_UnmarshalJSON(t *testing.T) {
+	t.Run("both publicKeyJWK and publicKeyMultibase present", func(t *testing.T) {
+		input, _ := json.Marshal(VerificationMethod{
+			ID:                 MustParseDIDURL("did:example:123#key-1"),
+			Controller:         MustParseDIDURL("did:example:123"),
+			PublicKeyJwk:       map[string]interface{}{"kty": "EC"},
+			PublicKeyMultibase: "foobar",
+		})
+		actual := VerificationMethod{}
+		err := json.Unmarshal(input, &actual)
+		assert.EqualError(t, err, "only one of publicKeyJWK, publicKeyBase58 and publicKeyMultibase can be present")
+	})
+	t.Run("all of publicKeyJWK, publicKeyMultibase and publicKeyBase58 are present", func(t *testing.T) {
+		input, _ := json.Marshal(VerificationMethod{
+			ID:                 MustParseDIDURL("did:example:123#key-1"),
+			Controller:         MustParseDIDURL("did:example:123"),
+			PublicKeyJwk:       map[string]interface{}{"kty": "EC"},
+			PublicKeyMultibase: "foobar",
+			PublicKeyBase58:    "foobar",
+		})
+		actual := VerificationMethod{}
+		err := json.Unmarshal(input, &actual)
+		assert.EqualError(t, err, "only one of publicKeyJWK, publicKeyBase58 and publicKeyMultibase can be present")
+	})
+}
+
 func TestService_UnmarshalJSON(t *testing.T) {
 	t.Run("ok", func(t *testing.T) {
 		actual := Service{}
diff --git a/go.mod b/go.mod
index 33c4f13..5d7680e 100644
--- a/go.mod
+++ b/go.mod
@@ -17,6 +17,10 @@ require (
 	github.com/lestrrat-go/httpcc v1.0.1 // indirect
 	github.com/lestrrat-go/iter v1.0.2 // indirect
 	github.com/lestrrat-go/option v1.0.1 // indirect
+	github.com/mr-tron/base58 v1.1.0 // indirect
+	github.com/multiformats/go-base32 v0.0.3 // indirect
+	github.com/multiformats/go-base36 v0.1.0 // indirect
+	github.com/multiformats/go-multibase v0.2.0 // indirect
 	github.com/pkg/errors v0.9.1 // indirect
 	github.com/pmezard/go-difflib v1.0.0 // indirect
 	golang.org/x/crypto v0.9.0 // indirect
diff --git a/go.sum b/go.sum
index 7646568..38f15cb 100644
--- a/go.sum
+++ b/go.sum
@@ -19,6 +19,14 @@ github.com/lestrrat-go/jwx v1.2.26/go.mod h1:MaiCdGbn3/cckbOFSCluJlJMmp9dmZm5hDu
 github.com/lestrrat-go/option v1.0.0/go.mod h1:5ZHFbivi4xwXxhxY9XHDe2FHo6/Z7WWmtT7T5nBBp3I=
 github.com/lestrrat-go/option v1.0.1 h1:oAzP2fvZGQKWkvHa1/SAcFolBEca1oN+mQ7eooNBEYU=
 github.com/lestrrat-go/option v1.0.1/go.mod h1:5ZHFbivi4xwXxhxY9XHDe2FHo6/Z7WWmtT7T5nBBp3I=
+github.com/mr-tron/base58 v1.1.0 h1:Y51FGVJ91WBqCEabAi5OPUz38eAx8DakuAm5svLcsfQ=
+github.com/mr-tron/base58 v1.1.0/go.mod h1:xcD2VGqlgYjBdcBLw+TuYLr8afG+Hj8g2eTVqeSzSU8=
+github.com/multiformats/go-base32 v0.0.3 h1:tw5+NhuwaOjJCC5Pp82QuXbrmLzWg7uxlMFp8Nq/kkI=
+github.com/multiformats/go-base32 v0.0.3/go.mod h1:pLiuGC8y0QR3Ue4Zug5UzK9LjgbkL8NSQj0zQ5Nz/AA=
+github.com/multiformats/go-base36 v0.1.0 h1:JR6TyF7JjGd3m6FbLU2cOxhC0Li8z8dLNGQ89tUg4F4=
+github.com/multiformats/go-base36 v0.1.0/go.mod h1:kFGE83c6s80PklsHO9sRn2NCoffoRdUUOENyW/Vv6sM=
+github.com/multiformats/go-multibase v0.2.0 h1:isdYCVLvksgWlMW9OZRYJEa9pZETFivncJHmHnnd87g=
+github.com/multiformats/go-multibase v0.2.0/go.mod h1:bFBZX4lKCA/2lyOFSAoKH5SS6oPyjtnzK/XTFDPkNuk=
 github.com/pkg/errors v0.9.1 h1:FEBLx1zS214owpjy7qsBeixbURkuhQAwrK5UwLGTwt4=
 github.com/pkg/errors v0.9.1/go.mod h1:bwawxfHBFNV+L2hUp1rHADufV3IMtnDRdf1r5NINEl0=
 github.com/pmezard/go-difflib v1.0.0 h1:4DBwDE0NGyQoBHbLQYPwSUPoCMWR5BEzIk/f1lZbAQM=