Marc Asch, the head of Ripple Prime, will leave the company by the end of 2025, a Ripple spokesperson confirmed. Noel Kimmel, currently serving as Senior Vice President, will assume leadership of Ripple Prime following Asch’s departure.
Leadership change at Ripple Prime
Ripple Prime, a subsidiary of Ripple, experienced rapid transformation after Asch joined following the company’s acquisition of Hidden Road in October 2025 for $1.25 billion. Ripple rebranded Hidden Road, a prime brokerage focused on institutional clients, into Ripple Prime as part of its larger strategy to strengthen institutional service offerings.
Institutional investors have long sought prime brokerage solutions to manage risk and access multiple asset classes efficiently. The firm now concentrates on providing access to a range of markets, including digital assets, and has developed new financial products such as exposure to Ripple’s native stablecoin, RLUSD.
Marc Asch, who established Hidden Road in 2018, brought considerable industry experience to Ripple, having previously worked at SAC Capital, a prominent investment management firm.
Noel Kimmel is set to continue the growth trajectory and expand Ripple Prime’s institutional reach. The appointment reflects Ripple’s ongoing efforts to consolidate its subsidiaries and strengthen leadership after significant acquisitions.
Mini dictionary: Ripple Prime is Ripple’s institutional-focused brokerage division, created after acquiring Hidden Road. It offers institutional investors access to multiple asset classes, including digital assets.
Recent acquisitions and expansion
Following the Hidden Road deal, Ripple made another major purchase in October 2025 by acquiring GTreasury, a stablecoin platform, for $1 billion. This acquisition strengthened Ripple’s ecosystem and broadened its financial products suite aimed at institutional clients.
Ripple, a global payments firm known for developing the XRP ledger and digital payment solutions, has been aggressively expanding its operations to cater specifically to institutional and corporate clients through subsidiaries like Ripple Prime.
| Acquisition | Date | Amount | Strategic goal |
|---|---|---|---|
| Hidden Road | October 2025 | $1.25 billion | Institutional prime brokerage & rebranding |
| GTreasury | October 2025 | $1 billion | Stablecoin platform expansion |
With these acquisitions, Ripple continues to develop a robust institutional ecosystem, leveraging technology and compliance frameworks for broader market access.
Award recognition and market position
Ripple Prime recently earned the “Prime Broker of the Year: EMEA” award at the 2026 Hedgeweek US Awards. The Hedgeweek US Awards is an annual event that honors companies excelling in various sectors such as custody, trading infrastructure, blockchain technology, compliance, and decentralized finance.
This recognition reflects growing industry acknowledgment of Ripple’s expanding presence in prime brokerage for digital assets, highlighting its competitive services in a rapidly evolving sector.
Ripple Prime received the ‘Prime Broker of the Year: EMEA’ distinction at the 2026 Hedgeweek US Awards, underscoring the company’s impact and leadership in institutional digital asset services across Europe, the Middle East, and Africa.
Ripple has positioned itself among leading brokerage firms, leveraging technology, regulatory adherence, and client-focused services to strengthen its reputation and global reach.
