diff --git a/matrix_sdk_crypto/benches/crypto_bench.rs b/matrix_sdk_crypto/benches/crypto_bench.rs
index 3f61feca..845e959a 100644
--- a/matrix_sdk_crypto/benches/crypto_bench.rs
+++ b/matrix_sdk_crypto/benches/crypto_bench.rs
@@ -72,13 +72,14 @@ pub fn keys_query(c: &mut Criterion) {
     );
 
     let dir = tempfile::tempdir().unwrap();
-    let machine = block_on(OlmMachine::new_with_default_store(
-        &alice_id(),
-        &alice_device_id(),
-        dir.path(),
-        None,
-    ))
-    .unwrap();
+    let machine = runtime
+        .block_on(OlmMachine::new_with_default_store(
+            &alice_id(),
+            &alice_device_id(),
+            dir.path(),
+            None,
+        ))
+        .unwrap();
 
     group.bench_with_input(
         BenchmarkId::new("sled store", &name),
@@ -169,8 +170,12 @@ pub fn room_key_sharing(c: &mut Criterion) {
         .fold(0, |acc, d| acc + d.len());
 
     let machine = OlmMachine::new(&alice_id(), &alice_device_id());
-    block_on(machine.mark_request_as_sent(&uuid, &keys_query_response)).unwrap();
-    block_on(machine.mark_request_as_sent(&uuid, &response)).unwrap();
+    runtime
+        .block_on(machine.mark_request_as_sent(&uuid, &keys_query_response))
+        .unwrap();
+    runtime
+        .block_on(machine.mark_request_as_sent(&uuid, &response))
+        .unwrap();
 
     let mut group = c.benchmark_group("Room key sharing");
     group.throughput(Throughput::Elements(count as u64));
@@ -204,8 +209,12 @@ pub fn room_key_sharing(c: &mut Criterion) {
         None,
     ))
     .unwrap();
-    block_on(machine.mark_request_as_sent(&uuid, &keys_query_response)).unwrap();
-    block_on(machine.mark_request_as_sent(&uuid, &response)).unwrap();
+    runtime
+        .block_on(machine.mark_request_as_sent(&uuid, &keys_query_response))
+        .unwrap();
+    runtime
+        .block_on(machine.mark_request_as_sent(&uuid, &response))
+        .unwrap();
 
     group.bench_function(BenchmarkId::new("sled store", &name), |b| {
         b.to_async(&runtime).iter(|| async {
diff --git a/matrix_sdk_crypto/src/identities/manager.rs b/matrix_sdk_crypto/src/identities/manager.rs
index bbef7f35..4235a650 100644
--- a/matrix_sdk_crypto/src/identities/manager.rs
+++ b/matrix_sdk_crypto/src/identities/manager.rs
@@ -12,12 +12,13 @@
 // See the License for the specific language governing permissions and
 // limitations under the License.
 
+use futures::future::join_all;
 use std::{
     collections::{BTreeMap, HashSet},
     convert::TryFrom,
     sync::Arc,
 };
-use tracing::{info, trace, warn};
+use tracing::{trace, warn};
 
 use matrix_sdk_common::{
     api::r0::keys::get_keys::Response as KeysQueryResponse,
@@ -35,6 +36,12 @@ use crate::{
     store::{Changes, DeviceChanges, IdentityChanges, Result as StoreResult, Store},
 };
 
+enum DeviceChange {
+    New(ReadOnlyDevice),
+    Updated(ReadOnlyDevice),
+    None,
+}
+
 #[derive(Debug, Clone)]
 pub(crate) struct IdentityManager {
     user_id: Arc<UserId>,
@@ -90,6 +97,43 @@ impl IdentityManager {
         Ok((changed_devices, changed_identities))
     }
 
+    async fn update_or_create_device(
+        store: Store,
+        device_keys: DeviceKeys,
+    ) -> StoreResult<DeviceChange> {
+        let old_device = store
+            .get_readonly_device(&device_keys.user_id, &device_keys.device_id)
+            .await?;
+
+        if let Some(mut device) = old_device {
+            if let Err(e) = device.update_device(&device_keys) {
+                warn!(
+                    "Failed to update the device keys for {} {}: {:?}",
+                    device.user_id(),
+                    device.device_id(),
+                    e
+                );
+                Ok(DeviceChange::None)
+            } else {
+                Ok(DeviceChange::Updated(device))
+            }
+        } else {
+            match ReadOnlyDevice::try_from(&device_keys) {
+                Ok(d) => {
+                    trace!("Adding a new device to the device store {:?}", d);
+                    Ok(DeviceChange::New(d))
+                }
+                Err(e) => {
+                    warn!(
+                        "Failed to create a new device for {} {}: {:?}",
+                        device_keys.user_id, device_keys.device_id, e
+                    );
+                    Ok(DeviceChange::None)
+                }
+            }
+        }
+    }
+
     /// Handle the device keys part of a key query response.
     ///
     /// # Arguments
@@ -107,48 +151,35 @@ impl IdentityManager {
 
         for (user_id, device_map) in device_keys_map {
             // TODO move this out into the handle keys query response method
-            // since we might fail handle the new device at any point here or
+            // since we might fail to handle the new device at any point here or
             // when updating the user identities.
             self.store.update_tracked_user(user_id, false).await?;
 
-            for (device_id, device_keys) in device_map.iter() {
+            let tasks = device_map.iter().filter_map(|(device_id, device_keys)| {
                 // We don't need our own device in the device store.
                 if user_id == self.user_id() && &**device_id == self.device_id() {
-                    continue;
-                }
-
-                if user_id != &device_keys.user_id || device_id != &device_keys.device_id {
+                    None
+                } else if user_id != &device_keys.user_id || device_id != &device_keys.device_id {
                     warn!(
                         "Mismatch in device keys payload of device {}|{} from user {}|{}",
                         device_id, device_keys.device_id, user_id, device_keys.user_id
                     );
-                    continue;
-                }
-
-                let device = self.store.get_readonly_device(&user_id, device_id).await?;
-
-                if let Some(mut device) = device {
-                    if let Err(e) = device.update_device(device_keys) {
-                        warn!(
-                            "Failed to update the device keys for {} {}: {:?}",
-                            user_id, device_id, e
-                        );
-                        continue;
-                    }
-                    changes.changed.push(device);
+                    None
                 } else {
-                    let device = match ReadOnlyDevice::try_from(device_keys) {
-                        Ok(d) => d,
-                        Err(e) => {
-                            warn!(
-                                "Failed to create a new device for {} {}: {:?}",
-                                user_id, device_id, e
-                            );
-                            continue;
-                        }
-                    };
-                    info!("Adding a new device to the device store {:?}", device);
-                    changes.new.push(device);
+                    Some(tokio::spawn(Self::update_or_create_device(
+                        self.store.clone(),
+                        device_keys.clone(),
+                    )))
+                }
+            });
+
+            let results = join_all(tasks).await;
+
+            for device in results {
+                match device.expect("Creating or updating a device panicked")? {
+                    DeviceChange::New(d) => changes.new.push(d),
+                    DeviceChange::Updated(d) => changes.changed.push(d),
+                    DeviceChange::None => (),
                 }
             }