diff --git a/srcpkgs/electrum/template b/srcpkgs/electrum/template
index e37799d36fd..c981fa64cd5 100644
--- a/srcpkgs/electrum/template
+++ b/srcpkgs/electrum/template
@@ -1,13 +1,13 @@
 # Template file for 'electrum'
 pkgname=electrum
-version=3.0.5
-revision=4
+version=3.1.1
+revision=1
 noarch=yes
 nocross=yes
 wrksrc="Electrum-${version}"
 build_style=python3-module
 pycompile_module="electrum"
-hostmakedepends="python3-setuptools"
+hostmakedepends="python3-pip"
 depends="python3-dnspython python3-pyaes python3-ecdsa python3-qrcode
  python3-pbkdf2 python3-protobuf python3-pysocks python3-PyQt5
  python3-jsonrpclib python3-requests"
@@ -21,7 +21,7 @@ maintainer="Charles E. Lehner <cel@celehner.com>"
 homepage="https://electrum.org/"
 license="MIT"
 distfiles="https://download.electrum.org/${version}/Electrum-${version}.tar.gz"
-checksum=61ebc06782433f928853188762c6f3098bd3d08d54c34b5594233d196e51e01b
+checksum=3195679f898bd763c6db32f46bbdf59fa5a211fd3013507f5c7aab25d9b94337
 
 post_install() {
 	vlicense LICENCE LICENSE