Ripple Prime Chief Marc Asch to Step Down

Asch will leave the Ripple-owned prime brokerage at year's end, with Noel Kimmel named to lead the business.

Updated on Nov. 10, 2026 in Financial Services

Ripple Prime Chief Marc Asch to Step Down

Marc Asch, who founded Hidden Road in 2018, is stepping down as head of Ripple Prime at the end of the year. Noel Kimmel, SVP of Ripple Prime, will step up to lead the business and team within Ripple.

Why it matters

The leadership change comes after Ripple's acquisition of Hidden Road for $1.25 billion, which became Ripple Prime and provides prime brokerage, clearing and financing across digital assets and traditional markets. It marks a transition in leadership for a business Ripple has built into a core part of its financial services offering.

Ripple paid $1.25 billion for Hidden Road, which was completed and renamed Ripple Prime in October 2025. The stub does not state the business's revenue or operating metrics since the acquisition.

The players

Ripple

Ripple is a San Francisco-based blockchain and digital payments company that owns Ripple Prime and operates RLUSD, its dollar stablecoin.

Marc Asch

Marc Asch is a veteran trader who previously worked at SAC Capital and Point72 Asset Management before founding Hidden Road.

Noel Kimmel

Noel Kimmel is the senior vice president of Ripple Prime who has been named to lead the business and its team.

The details

Asch, who previously worked at SAC Capital and Point72 Asset Management, will leave the company at the end of the year. Kimmel will take over leadership of Ripple Prime and its team within Ripple.

2018: Hidden Road is founded by Marc Asch.
April 2025: Ripple announces its acquisition of Hidden Road.
October 2025: The deal is completed and the business is renamed Ripple Prime.
End of 2026: Asch departs Ripple Prime.

Market Landscape

Ripple Prime's use of RLUSD as collateral for some prime brokerage products ties Ripple's dollar stablecoin directly to institutional trading. The leadership transition comes as Ripple has built out a broader set of acquisitions, including GTreasury and Rail, to expand its financial services offerings.

For clients of Ripple Prime, the change in leadership does not alter the prime brokerage, clearing and financing services the business provides across digital assets and traditional markets. Customers who use RLUSD as collateral for certain products will see no change to how that collateral is accepted based on the information in this report.

The takeaway

Leadership transitions at acquired firms often signal how an acquirer plans to integrate the business into its broader strategy. Ripple's handoff from Asch to Kimmel shows the company keeping an internal executive in charge of a unit it has invested heavily to build.