diff --git a/package.json b/package.json
index f196aa9333..802da5919e 100644
--- a/package.json
+++ b/package.json
@@ -82,7 +82,7 @@
         "jsrsasign": "^11.0.0",
         "katex": "^0.16.0",
         "lodash": "^4.17.21",
-        "matrix-js-sdk": "34.3.0-rc.0",
+        "matrix-js-sdk": "34.3.0-rc.1",
         "matrix-react-sdk": "github:matrix-org/matrix-react-sdk#develop",
         "matrix-widget-api": "^1.3.1",
         "react": "17.0.2",
diff --git a/yarn.lock b/yarn.lock
index cdf048717e..dd1b181dec 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2020,6 +2020,11 @@
   resolved "https://registry.yarnpkg.com/@matrix-org/matrix-wysiwyg/-/matrix-wysiwyg-2.37.4.tgz#bd9b46051a21c9986477e3a83a1417b1ee926d81"
   integrity sha512-4OtBWAHNAOu9P5C6jOIeHlu4ChwV2YusxnbGuN20IceC4bT2h38flZQgm0x9/jgHfF0LwnKUwKXsxtRoq8xW0g==
 
+"@matrix-org/olm@3.2.15":
+  version "3.2.15"
+  resolved "https://registry.yarnpkg.com/@matrix-org/olm/-/olm-3.2.15.tgz#55f3c1b70a21bbee3f9195cecd6846b1083451ec"
+  integrity sha512-S7lOrndAK9/8qOtaTq/WhttJC/o4GAzdfK0MUPpo8ApzsJEC0QjtwrkC3KBXdFP1cD1MXi/mlKR7aaoVMKgs6Q==
+
 "@matrix-org/react-sdk-module-api@^2.3.0", "@matrix-org/react-sdk-module-api@^2.4.0":
   version "2.4.0"
   resolved "https://registry.yarnpkg.com/@matrix-org/react-sdk-module-api/-/react-sdk-module-api-2.4.0.tgz#5e4552acbe728141f42c1d54d75dcb4efea9301c"
@@ -8120,13 +8125,14 @@ matrix-events-sdk@0.0.1:
   resolved "https://registry.yarnpkg.com/matrix-events-sdk/-/matrix-events-sdk-0.0.1.tgz#c8c38911e2cb29023b0bbac8d6f32e0de2c957dd"
   integrity sha512-1QEOsXO+bhyCroIe2/A5OwaxHvBm7EsSQ46DEDn8RBIfQwN5HWBpFvyWWR4QY0KHPPnnJdI99wgRiAl7Ad5qaA==
 
-matrix-js-sdk@34.3.0-rc.0:
-  version "34.3.0-rc.0"
-  resolved "https://registry.yarnpkg.com/matrix-js-sdk/-/matrix-js-sdk-34.3.0-rc.0.tgz#263dca9ad418e4c48ab5c25b5886672bf52043ac"
-  integrity sha512-3+AprQidALGx11LmVLNhF4gLjfPL3bg964JRQTtrVXgX+p9fmhraRXr30r0ljDissniTBRYQl4SKVlP73H5Tzg==
+matrix-js-sdk@34.3.0-rc.1:
+  version "34.3.0-rc.1"
+  resolved "https://registry.yarnpkg.com/matrix-js-sdk/-/matrix-js-sdk-34.3.0-rc.1.tgz#5d16722c41a2b15868f5ab1db7b994b04b7d8cdb"
+  integrity sha512-52X0yrS6nzHery435lni6dWcndqBBq5OE4ZmMjnd0pXIZ5HjlXvgpgC7SlfR+V0BSm4YWEGAnh1FjRbOmsyaRA==
   dependencies:
     "@babel/runtime" "^7.12.5"
     "@matrix-org/matrix-sdk-crypto-wasm" "^7.0.0"
+    "@matrix-org/olm" "3.2.15"
     another-json "^0.2.0"
     bs58 "^6.0.0"
     content-type "^1.0.4"