diff --git a/core/src/apps/bitcoin/keychain.py b/core/src/apps/bitcoin/keychain.py
index c8878b840..eeb34e0d2 100644
--- a/core/src/apps/bitcoin/keychain.py
+++ b/core/src/apps/bitcoin/keychain.py
@@ -29,12 +29,19 @@ if False:
     MsgIn = TypeVar("MsgIn", bound=MsgWithCoinName)
     HandlerWithCoinInfo = Callable[..., Awaitable[MsgOut]]
 
-# common patterns
+
+# BIP-45 for multisig: https://github.com/bitcoin/bips/blob/master/bip-0045.mediawiki
 PATTERN_BIP45 = "m/45'/[0-100]/change/address_index"
-PATTERN_PURPOSE48_LEGACY = "m/48'/coin_type'/account'/0'/change/address_index"
+
+# Electrum Purpose48. See docs/misc/purpose48.md
+# Electrum does not seem to use the raw script type, it is included here for completeness.
+PATTERN_PURPOSE48_RAW = "m/48'/coin_type'/account'/0'/change/address_index"
 PATTERN_PURPOSE48_P2SHSEGWIT = "m/48'/coin_type'/account'/1'/change/address_index"
 PATTERN_PURPOSE48_SEGWIT = "m/48'/coin_type'/account'/2'/change/address_index"
+
+# BIP-49 for segwit-in-P2SH: https://github.com/bitcoin/bips/blob/master/bip-0049.mediawiki
 PATTERN_BIP49 = "m/49'/coin_type'/account'/change/address_index"
+# BIP-84 for segwit: https://github.com/bitcoin/bips/blob/master/bip-0084.mediawiki
 PATTERN_BIP84 = "m/84'/coin_type'/account'/change/address_index"
 
 # compatibility patterns, will be removed in the future
@@ -72,7 +79,7 @@ def validate_path_against_script_type(
 
     elif script_type in (I.SPENDADDRESS, I.SPENDMULTISIG) and multisig:
         patterns.append(PATTERN_BIP45)
-        patterns.append(PATTERN_PURPOSE48_LEGACY)
+        patterns.append(PATTERN_PURPOSE48_RAW)
         if coin.coin_name in BITCOIN_NAMES:
             patterns.append(PATTERN_GREENADDRESS_A)
             patterns.append(PATTERN_GREENADDRESS_B)
@@ -104,7 +111,7 @@ def get_schemas_for_coin(coin: coininfo.CoinInfo) -> Iterable[PathSchema]:
     patterns = [
         PATTERN_BIP44,
         PATTERN_BIP45,
-        PATTERN_PURPOSE48_LEGACY,
+        PATTERN_PURPOSE48_RAW,
     ]
 
     # compatibility patterns
diff --git a/core/src/apps/common/paths.py b/core/src/apps/common/paths.py
index 59ffe57e3..e40858014 100644
--- a/core/src/apps/common/paths.py
+++ b/core/src/apps/common/paths.py
@@ -238,8 +238,13 @@ class _NeverMatchingSchema:
 AlwaysMatchingSchema: PathSchemaType = _AlwaysMatchingSchema  # type: ignore
 NeverMatchingSchema: PathSchemaType = _NeverMatchingSchema  # type: ignore
 
+# BIP-44 for basic (legacy) Bitcoin accounts, and widely used for other currencies:
+# https://github.com/bitcoin/bips/blob/master/bip-0044.mediawiki
 PATTERN_BIP44 = "m/44'/coin_type'/account'/change/address_index"
+# BIP-44 public key export, starting at end of the hardened part
 PATTERN_BIP44_PUBKEY = "m/44'/coin_type'/account'/*"
+# SEP-0005 for non-UTXO-based currencies, defined by Stellar:
+# https://github.com/stellar/stellar-protocol/blob/master/ecosystem/sep-0005.md
 PATTERN_SEP5 = "m/44'/coin_type'/account'"
 
 
diff --git a/docs/SUMMARY.md b/docs/SUMMARY.md
index b3bbbd86c..c1b05a062 100644
--- a/docs/SUMMARY.md
+++ b/docs/SUMMARY.md
@@ -42,5 +42,6 @@
   - [Generated Files](misc/generated-files.md)
   - [Git Hooks](misc/git-hooks.md)
   - [Monorepo Notes](misc/monorepo.md)
+  - [Purpose48 derivation scheme](misc/purpose48.md)
   - [Review Process](misc/review.md)
   - [TOIF Image Format](misc/toif.md)
diff --git a/docs/misc/purpose48.md b/docs/misc/purpose48.md
new file mode 100644
index 000000000..f484a8839
--- /dev/null
+++ b/docs/misc/purpose48.md
@@ -0,0 +1,52 @@
+# Purpose48 derivation scheme
+
+Per [BIP-43], the first level of the derivation path is used as a "purpose". The purpose
+number is usually selected to match the BIP number: e.g., BIP-49 uses purpose `49'`.
+
+There is no officially proposed **BIP-48** standard. Despite that, a de-facto standard
+for the purpose `48'` exists in the wild and is implemented by several HD wallets, most
+notably [Electrum]. This standard was never before formally
+specified, and this document aims to rectify the situation.
+
+## Motivation
+
+Purpose48 is intended for multisig scenarios. It allows using multiple script types from
+a single logical account or root key, while keeping multisig keys separate from
+single-sig keys.
+
+## Specification
+
+The following BIP-32 path levels are defined:
+
+```
+m / 48' / coin_type' / account' / script_type' / change / address_index
+```
+
+Meaning of all fields except `script_type` is defined in [BIP-44]
+
+`script_type` can have the following values:
+
+* `0`: raw [BIP-11] (p2ms) multisig
+* `1`: p2sh-wrapped segwit multisig (p2wsh-p2sh)
+* `2`: native segwit multisig (p2wsh)
+
+The path derivation is hardened up to and including the `script_type` field.
+
+## Trezor implementation
+
+`script_type` value `0` corresponds to `SPENDMULTISIG`/`PAYTOMULTISIG`.
+
+Value `1` corresponds to `SPENDP2SHWITNESS`/`PAYTOP2SHWITNESS`.
+
+Value `2` corresponds to `SPENDWITNESS`/`PAYTOWITNESS`.
+
+## References
+
+Electrum implementation: https://github.com/spesmilo/electrum/blob/9931df9f254e49eb929723be62af61971b3032c8/electrum/keystore.py#L862-L889
+
+Trezor implementation: TBD
+
+[Electrum]: https://electrum.org/
+[BIP-11]: https://github.com/bitcoin/bips/blob/master/bip-0011.mediawiki
+[BIP-43]: https://github.com/bitcoin/bips/blob/master/bip-0043.mediawiki
+[BIP-44]: https://github.com/bitcoin/bips/blob/master/bip-0044.mediawiki