Leadership Transition at Ripple Prime
Marc Asch, who heads Ripple Prime, is stepping down from his executive role approximately one year after the prime brokerage firm—previously known as Hidden Road—was acquired by Ripple. Ripple, a California-based cryptocurrency firm widely recognized for its cross-border payment solutions, confirmed the upcoming leadership departure.
Ripple acknowledged Asch’s contributions to building and integrating the prime brokerage platform. We’re extremely grateful to Marc for everything he did as founder of Hidden Road, now Ripple Prime,
a company spokesperson said in an email.
Following Asch’s planned departure at the close of the year, leadership of the division will transition to an existing senior executive. As he moves on at the end of the year to pursue new opportunities, Noel Kimmel, SVP, Ripple Prime is stepping up to lead the business and team within Ripple,
the spokesperson added.
The Evolution from Hidden Road to Ripple Prime
The executive change marks a major milestone following Ripple’s high-profile entry into the institutional brokerage space. Ripple initially announced its acquisition of Hidden Road in April 2025 for $1.25 billion, following earlier reports by CoinDesk that the prime brokerage platform was engaged in acquisition talks. Ripple finalized the purchase and formally rebranded the operation as Ripple Prime in October of that year.
Under Ripple’s umbrella, Ripple Prime provides institutional market participants with clearing, financing, and prime brokerage services. The business bridges digital assets and traditional financial markets, offering execution and infrastructure spanning foreign exchange (FX), fixed income, and derivatives.
Integration with Ripple’s Institutional Ecosystem
Ripple Prime serves as a critical component in Ripple’s strategy to broaden its institutional footprint beyond its foundational cross-border payment rails. In addition to expanding trading access, Ripple Prime incorporates Ripple’s U.S. dollar-pegged stablecoin, RLUSD, which serves as collateral for select prime brokerage products.
The buildout of the prime broker reflects Ripple’s broader diversification efforts. While Ripple maintains a close association with the XRP digital asset, the enterprise has increasingly scaled its operations across digital asset custody, corporate treasury management, stablecoin issuance, and comprehensive prime brokerage solutions.
Why This Matters
The leadership handover to Noel Kimmel arrives at a crucial stage in Ripple Prime’s development as the firm embeds traditional financial infrastructure into the digital asset ecosystem. By linking traditional asset classes like foreign exchange and fixed income with crypto-native liquidity and RLUSD collateralization, Ripple Prime aims to capture sophisticated institutional demand. Kimmel’s advancement ensures operational continuity as Ripple continues integrating prime brokerage alongside custody and treasury services to build a full-suite institutional financial platform.
Frequently Asked Questions
Who is taking over leadership of Ripple Prime?
Noel Kimmel, currently serving as Senior Vice President of Ripple Prime, will step up to lead the business unit and its team following Marc Asch’s departure at the end of the year.
What services does Ripple Prime provide to institutional clients?
Ripple Prime offers clearing, financing, and prime brokerage services across both digital assets and traditional markets, including derivatives, foreign exchange, and fixed income. It also utilizes Ripple’s dollar stablecoin, RLUSD, as collateral for certain products.
When did Ripple acquire Hidden Road?
Ripple announced the $1.25 billion acquisition of Hidden Road in April 2025, closed the transaction, and officially rebranded the business as Ripple Prime in October of that year.
