Marc Asch, the founder of Hidden Road, will step down as the head of Ripple Prime at the end of the year. Noel Kimmel, currently an SVP at the unit, will succeed him as the new leader. The company described the transition as a planned handoff following the integration of the business.
Ripple acquired Hidden Road for $1.25 billion in April 2025, marking the first instance of a crypto firm owning a global multi-asset prime broker. The unit was rebranded to Ripple Prime in October 2025 to serve institutional clients across traditional and digital asset markets.
Since the acquisition, Ripple Prime has tripled its revenue year-over-year. The platform has introduced new products for hedge funds and market makers, including a partnership with Brevan Howard. In 2026, the unit secured a $200 million credit facility to scale its institutional capabilities.
The division is currently integrating Ripple’s stablecoin, RLUSD, as collateral and migrating post-trade activities to the XRP Ledger. In November 2025, the firm launched a US digital asset spot prime brokerage to provide institutions with direct access to spot crypto trading.
