diff --git a/app/components/UI/WalletAccount/WalletAccount.test.tsx b/app/components/UI/WalletAccount/WalletAccount.test.tsx
index 7cda83eb387..909c8d8dc94 100644
--- a/app/components/UI/WalletAccount/WalletAccount.test.tsx
+++ b/app/components/UI/WalletAccount/WalletAccount.test.tsx
@@ -10,6 +10,8 @@ import { createAccountSelectorNavDetails } from '../../../components/Views/Accou
 // Internal dependencies
 import WalletAccount from './WalletAccount';
 import initialBackgroundState from '../../../util/test/initial-background-state.json';
+import { Account } from '../../hooks/useAccounts';
+import { KeyringTypes } from '@metamask/keyring-controller';
 
 jest.mock('../../../core/Engine', () => ({
   context: {
@@ -25,6 +27,14 @@ jest.mock('../../../core/Engine', () => ({
   },
 }));
 
+const mockAccount: Account = {
+  name: 'Test account 1',
+  address: '0xC4955C0d639D99699Bfd7Ec54d9FaFEe40e4D272',
+  type: KeyringTypes.hd,
+  yOffset: 0,
+  isSelected: true,
+};
+
 const mockInitialState = {
   settings: {
     useBlockieIcon: false,
@@ -32,12 +42,6 @@ const mockInitialState = {
   engine: {
     backgroundState: {
       ...initialBackgroundState,
-      PreferencesController: {
-        selectedAddress: '0xC4955C0d639D99699Bfd7Ec54d9FaFEe40e4D272',
-        identities: {
-          '0xC4955C0d639D99699Bfd7Ec54d9FaFEe40e4D272': { name: 'Account 1' },
-        },
-      },
     },
   },
 };
@@ -69,36 +73,81 @@ jest.mock('react-redux', () => ({
 
 describe('WalletAccount', () => {
   it('renders correctly', () => {
-    const { toJSON } = renderWithProvider(<WalletAccount />, {
-      state: mockInitialState,
-    });
+    const { toJSON } = renderWithProvider(
+      <WalletAccount account={mockAccount} />,
+      {
+        state: mockInitialState,
+      },
+    );
     expect(toJSON()).toMatchSnapshot();
   });
 
   it('shows the account address', () => {
-    const { getByTestId } = renderWithProvider(<WalletAccount />, {
-      state: mockInitialState,
-    });
+    const { getByTestId } = renderWithProvider(
+      <WalletAccount account={mockAccount} />,
+      {
+        state: mockInitialState,
+      },
+    );
     expect(getByTestId('wallet-account-address')).toBeDefined();
   });
 
   it('copies the account address to the clipboard when the copy button is pressed', async () => {
-    const { getByTestId } = renderWithProvider(<WalletAccount />, {
-      state: mockInitialState,
-    });
+    const { getByTestId } = renderWithProvider(
+      <WalletAccount account={mockAccount} />,
+      {
+        state: mockInitialState,
+      },
+    );
 
     fireEvent.press(getByTestId('wallet-account-copy-button'));
     expect(ClipboardManager.setString).toHaveBeenCalledTimes(1);
   });
 
   it('should navigate to the account selector screen on account press', () => {
-    const { getByTestId } = renderWithProvider(<WalletAccount />, {
-      state: mockInitialState,
-    });
+    const { getByTestId } = renderWithProvider(
+      <WalletAccount account={mockAccount} />,
+      {
+        state: mockInitialState,
+      },
+    );
 
     fireEvent.press(getByTestId('account-picker'));
     expect(mockNavigate).toHaveBeenCalledWith(
       ...createAccountSelectorNavDetails({}),
     );
   });
+  it('displays the correct account name', () => {
+    const { getByText } = renderWithProvider(
+      <WalletAccount account={mockAccount} />,
+      {
+        state: mockInitialState,
+      },
+    );
+    expect(getByText(mockAccount.name)).toBeDefined();
+  });
+  it('displays custom account name when ENS is defined but account name is not the default', () => {
+    const ensName = 'test.eth';
+    const { getByText } = renderWithProvider(
+      <WalletAccount account={mockAccount} ens={ensName} />,
+      {
+        state: mockInitialState,
+      },
+    );
+    expect(getByText(mockAccount.name)).toBeDefined();
+  });
+  it('displays ENS name when defined and account name is the default', () => {
+    const ensName = 'test.eth';
+    const mockAccountWithDefaultName: Account = {
+      ...mockAccount,
+      name: 'Account 1',
+    };
+    const { getByText } = renderWithProvider(
+      <WalletAccount account={mockAccountWithDefaultName} ens={ensName} />,
+      {
+        state: mockInitialState,
+      },
+    );
+    expect(getByText(ensName)).toBeDefined();
+  });
 });
diff --git a/app/components/UI/WalletAccount/WalletAccount.tsx b/app/components/UI/WalletAccount/WalletAccount.tsx
index 3a28a4cd27f..22e438ef866 100644
--- a/app/components/UI/WalletAccount/WalletAccount.tsx
+++ b/app/components/UI/WalletAccount/WalletAccount.tsx
@@ -1,12 +1,5 @@
 // Third parties dependencies
-import React, {
-  forwardRef,
-  useCallback,
-  useEffect,
-  useImperativeHandle,
-  useRef,
-  useState,
-} from 'react';
+import React, { forwardRef, useImperativeHandle, useRef } from 'react';
 import { useSelector } from 'react-redux';
 import { useNavigation } from '@react-navigation/native';
 import { Platform, View } from 'react-native';
@@ -18,15 +11,7 @@ import { createAccountSelectorNavDetails } from '../../../components/Views/Accou
 import { useStyles } from '../../../component-library/hooks';
 import generateTestId from '../../../../wdio/utils/generateTestId';
 import AddressCopy from '../AddressCopy';
-import {
-  doENSReverseLookup,
-  isDefaultAccountName,
-} from '../../../util/ENSUtils';
-import { selectChainId } from '../../../selectors/networkController';
-import {
-  selectIdentities,
-  selectSelectedAddress,
-} from '../../../selectors/preferencesController';
+import { isDefaultAccountName } from '../../../util/ENSUtils';
 import ButtonIcon from '../../../component-library/components/Buttons/ButtonIcon/ButtonIcon';
 import { ButtonIconSizes } from '../../../component-library/components/Buttons/ButtonIcon';
 import Routes from '../../../constants/navigation/Routes';
@@ -40,12 +25,13 @@ import {
 } from '../../../../wdio/screen-objects/testIDs/Screens/WalletView.testIds';
 import { getLabelTextByAddress } from '../../../util/address';
 
-const WalletAccount = ({ style }: WalletAccountProps, ref: React.Ref<any>) => {
+const WalletAccount = (
+  { style, account, ens }: WalletAccountProps,
+  ref: React.Ref<any>,
+) => {
   const { styles } = useStyles(styleSheet, { style });
 
   const { navigate } = useNavigation();
-  const [ens, setEns] = useState<string>();
-
   const yourAccountRef = useRef(null);
   const accountActionsRef = useRef(null);
 
@@ -53,40 +39,12 @@ const WalletAccount = ({ style }: WalletAccountProps, ref: React.Ref<any>) => {
     yourAccountRef,
     accountActionsRef,
   }));
-  /**
-   * A string that represents the selected address
-   */
-  const selectedAddress = useSelector(selectSelectedAddress);
-
-  /**
-   * An object containing each identity in the format address => account
-   */
-  const identities = useSelector(selectIdentities);
-
-  const chainId = useSelector(selectChainId);
 
   const accountAvatarType = useSelector((state: any) =>
     state.settings.useBlockieIcon
       ? AvatarAccountType.Blockies
       : AvatarAccountType.JazzIcon,
   );
-  const account = {
-    ...identities[selectedAddress],
-    address: selectedAddress,
-  };
-
-  const lookupEns = useCallback(async () => {
-    try {
-      const accountEns = await doENSReverseLookup(account.address, chainId);
-
-      setEns(accountEns);
-      // eslint-disable-next-line no-empty
-    } catch {}
-  }, [account.address, chainId]);
-
-  useEffect(() => {
-    lookupEns();
-  }, [lookupEns]);
 
   const onNavigateToAccountActions = () => {
     navigate(Routes.MODAL.ROOT_MODAL_FLOW, {
diff --git a/app/components/UI/WalletAccount/WalletAccount.types.ts b/app/components/UI/WalletAccount/WalletAccount.types.ts
index 99f03f59845..22a09fe9ad9 100644
--- a/app/components/UI/WalletAccount/WalletAccount.types.ts
+++ b/app/components/UI/WalletAccount/WalletAccount.types.ts
@@ -1,7 +1,10 @@
 import { ViewStyle } from 'react-native';
+import { Account } from '../../hooks/useAccounts';
 
 export interface WalletAccountProps {
   style?: ViewStyle;
+  account: Account;
+  ens?: string;
 }
 
 /**
diff --git a/app/components/UI/WalletAccount/__snapshots__/WalletAccount.test.tsx.snap b/app/components/UI/WalletAccount/__snapshots__/WalletAccount.test.tsx.snap
index fbceeb4339a..9ce7f36026f 100644
--- a/app/components/UI/WalletAccount/__snapshots__/WalletAccount.test.tsx.snap
+++ b/app/components/UI/WalletAccount/__snapshots__/WalletAccount.test.tsx.snap
@@ -177,7 +177,7 @@ exports[`WalletAccount renders correctly 1`] = `
           }
           testID="account-label"
         >
-          Account 1
+          Test account 1
         </Text>
       </View>
     </View>
@@ -278,9 +278,7 @@ exports[`WalletAccount renders correctly 1`] = `
               }
             }
             testID="wallet-account-address"
-          >
-            0xC495...D272
-          </Text>
+          />
           <SvgMock
             color="#0376C9"
             height={16}
diff --git a/app/components/Views/ChoosePassword/index.js b/app/components/Views/ChoosePassword/index.js
index fc9a6cf9197..4356c546cbf 100644
--- a/app/components/Views/ChoosePassword/index.js
+++ b/app/components/Views/ChoosePassword/index.js
@@ -63,6 +63,7 @@ import { LoginOptionsSwitch } from '../../UI/LoginOptionsSwitch';
 import navigateTermsOfUse from '../../../util/termsOfUse/termsOfUse';
 import { ChoosePasswordSelectorsIDs } from '../../../../e2e/selectors/Onboarding/ChoosePassword.selectors';
 import trackOnboarding from '../../../util/metrics/TrackOnboarding/trackOnboarding';
+import { selectSelectedAddress } from '../../../selectors/preferencesController';
 
 const createStyles = (colors) =>
   StyleSheet.create({
@@ -789,8 +790,7 @@ class ChoosePassword extends PureComponent {
 ChoosePassword.contextType = ThemeContext;
 
 const mapStateToProps = (state) => ({
-  selectedAddress:
-    state.engine.backgroundState.PreferencesController?.selectedAddress,
+  selectedAddress: selectSelectedAddress(state),
 });
 
 const mapDispatchToProps = (dispatch) => ({
diff --git a/app/components/Views/Wallet/index.test.tsx b/app/components/Views/Wallet/index.test.tsx
index e870de2c6fa..a7e471d1527 100644
--- a/app/components/Views/Wallet/index.test.tsx
+++ b/app/components/Views/Wallet/index.test.tsx
@@ -38,6 +38,15 @@ jest.mock('../../../core/Engine', () => ({
     AccountTrackerController: {
       refresh: jest.fn(),
     },
+    KeyringController: {
+      state: {
+        keyrings: [
+          {
+            accounts: ['0xC4955C0d639D99699Bfd7Ec54d9FaFEe40e4D272'],
+          },
+        ],
+      },
+    },
   },
 }));
 
diff --git a/app/components/Views/Wallet/index.tsx b/app/components/Views/Wallet/index.tsx
index 2fe135ac1aa..3321ff0eb88 100644
--- a/app/components/Views/Wallet/index.tsx
+++ b/app/components/Views/Wallet/index.tsx
@@ -44,6 +44,7 @@ import {
 import { selectAccountsByChainId } from '../../../selectors/accountTrackerController';
 import { selectSelectedAddress } from '../../../selectors/preferencesController';
 import { useMetrics } from '../../../components/hooks/useMetrics';
+import { useAccounts } from '../../hooks/useAccounts';
 
 const createStyles = ({ colors, typography }: Theme) =>
   StyleSheet.create({
@@ -124,6 +125,32 @@ const Wallet = ({ navigation }: any) => {
    */
   const providerConfig = useSelector(selectProviderConfig);
 
+  /**
+   * A list of all the user accounts and a mapping of ENS name to account address if they exist
+   */
+  const { accounts, ensByAccountAddress } = useAccounts();
+
+  /**
+   * An object representing the currently selected account.
+   */
+  const selectedAccount = useMemo(() => {
+    if (accounts.length > 0) {
+      return accounts.find((account) => account.isSelected);
+    }
+    return undefined;
+  }, [accounts]);
+
+  /**
+   * ENS name for the currently selected account.
+   * This value may be undefined if there is no corresponding ENS name for the account.
+   */
+  const ensForSelectedAccount = useMemo(() => {
+    if (ensByAccountAddress && selectedAccount) {
+      return ensByAccountAddress[selectedAccount.address];
+    }
+    return undefined;
+  }, [ensByAccountAddress, selectedAccount]);
+
   const networkName = useMemo(
     () => getNetworkNameFromProviderConfig(providerConfig),
     [providerConfig],
@@ -274,8 +301,14 @@ const Wallet = ({ navigation }: any) => {
     }
     return (
       <View style={styles.wrapper}>
-        <WalletAccount style={styles.walletAccount} ref={walletRef} />
-
+        {selectedAccount ? (
+          <WalletAccount
+            account={selectedAccount}
+            ens={ensForSelectedAccount}
+            style={styles.walletAccount}
+            ref={walletRef}
+          />
+        ) : null}
         <ScrollableTabView
           renderTabBar={renderTabBar}
           // eslint-disable-next-line react/jsx-no-bind
@@ -304,17 +337,20 @@ const Wallet = ({ navigation }: any) => {
       </View>
     );
   }, [
+    tokens,
+    accountsByChainId,
+    providerConfig.chainId,
+    selectedAddress,
+    styles.wrapper,
+    styles.walletAccount,
+    selectedAccount,
+    ensForSelectedAccount,
     renderTabBar,
-    conversionRate,
-    currentCurrency,
-    navigation,
     onChangeTab,
-    selectedAddress,
+    navigation,
     ticker,
-    tokens,
-    styles,
-    providerConfig.chainId,
-    accountsByChainId,
+    conversionRate,
+    currentCurrency,
   ]);
   const renderLoader = useCallback(
     () => (
diff --git a/app/components/Views/confirmations/components/SignatureRequest/index.js b/app/components/Views/confirmations/components/SignatureRequest/index.js
index a52c26d179b..1bfccc8e6d1 100644
--- a/app/components/Views/confirmations/components/SignatureRequest/index.js
+++ b/app/components/Views/confirmations/components/SignatureRequest/index.js
@@ -23,6 +23,7 @@ import withQRHardwareAwareness from '../../../../UI/QRHardware/withQRHardwareAwa
 import WebsiteIcon from '../../../../UI/WebsiteIcon';
 import { ResultType } from '../BlockaidBanner/BlockaidBanner.types';
 import { withMetricsAwareness } from '../../../../../components/hooks/useMetrics';
+import { selectSelectedAddress } from '../../../../../selectors/preferencesController';
 
 const createStyles = (colors) =>
   StyleSheet.create({
@@ -417,8 +418,7 @@ class SignatureRequest extends PureComponent {
 }
 
 const mapStateToProps = (state) => ({
-  selectedAddress:
-    state.engine.backgroundState.PreferencesController.selectedAddress,
+  selectedAddress: selectSelectedAddress(state),
   networkType: selectProviderType(state),
   securityAlertResponse: state.signatureRequest.securityAlertResponse,
 });
diff --git a/app/components/hooks/useAccounts/useAccounts.ts b/app/components/hooks/useAccounts/useAccounts.ts
index 7d0988f1d6c..d0f04583608 100644
--- a/app/components/hooks/useAccounts/useAccounts.ts
+++ b/app/components/hooks/useAccounts/useAccounts.ts
@@ -36,7 +36,7 @@ import {
 /**
  * Hook that returns both wallet accounts and ens name information.
  *
- * @returns Object that contins both wallet accounts and ens name information.
+ * @returns Object that contains both wallet accounts and ens name information.
  */
 const useAccounts = ({
   checkBalanceError,
@@ -93,7 +93,7 @@ const useAccounts = ({
             };
           }
         } catch (e) {
-          // ENS either doesn't exists or failed to fetch.
+          // ENS either doesn't exist or failed to fetch.
         }
       };