Ripple Prime Founder Marc Asch to Step Down; Noel Kimmel Named Successor
Marc Asch, founder of Hidden Road and head of Ripple Prime, will leave the business at the end of the year, with Ripple SVP Noel Kimmel taking over leadership. The handoff comes as Ripple's $1.25 billion prime brokerage acquisition moves into its next phase.
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The Leadership Change
Marc Asch, who founded Hidden Road in 2018 and led it through Ripple's acquisition and its rebranding as Ripple Prime, will leave the business at the end of the year. Noel Kimmel, an SVP at Ripple Prime, will lead the unit and its team within Ripple. A Ripple spokesperson confirmed the change and described it as a planned handoff. "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 said.
Asch stayed on after Ripple bought Hidden Road, and his exit is part of the integration process. Kimmel's background includes prime brokerage roles at Cerberus and JP Morgan. Deep research findings describe him as the unit's new president, while the Ripple statement and CoinDesk's brief refer to him as taking over leadership, so the exact title should be read as not yet confirmed by the company.
Deal Background and Rebranding
Ripple acquired Hidden Road in April 2025 for $1.25 billion, making Ripple the first crypto company to own a global multi-asset prime broker. In October 2025, the firm was rebranded as Ripple Prime, signaling that the unit would serve institutional clients across traditional and digital asset markets under the Ripple name.
Product and Business Progress
Since the acquisition, Ripple Prime has accepted RLUSD, Ripple's stablecoin, as collateral and has begun migrating post-trade activity onto the XRP Ledger. In November 2025 it launched a US digital asset spot prime brokerage. Crypto Briefing reports that the business has tripled its revenue year over year since the acquisition and has added products aimed at hedge funds and market makers. CoinDesk's brief does not include these figures, so the revenue growth rests on a single source. Crypto Briefing also reports a $200 million credit facility secured in 2026 and a client relationship with Brevan Howard, a hedge fund.
What to Watch
The leadership change is positioned as continuity: elevating an internal executive with JP Morgan and Cerberus experience, rather than hiring externally, is designed to limit client disruption. Whether Ripple Prime sustains its revenue momentum through the transition is the first open question. Progress on the XRP Ledger migration and whether additional large funds follow Brevan Howard onto the platform will indicate whether RLUSD and the XRP Ledger gain meaningful institutional usage.
Why It Matters
For Traders
Watch for any change in Ripple Prime's client activity or RLUSD collateral usage during the leadership handover, as near-term disruption would be the first visible signal.
For Investors
A planned, internally staffed succession suggests Ripple is prioritizing continuity as its institutional prime brokerage business scales toward a broader footprint.
For Builders
Expanding RLUSD collateral acceptance and post-trade migration to the XRP Ledger would make that chain a live settlement layer for institutional flows, which affects integration planning.
This article is for information only and is not financial advice. Read the full disclaimer.
