Key takeaways
- Hidden Road founder Marc Asch will leave Ripple Prime
- Noel Kimmel takes leadership after Ripple's $1.25 billion acquisition
- Ripple expands institutional brokerage financing and stablecoin infrastructure
Ripple Prime is preparing for a major leadership transition as Marc Asch, the founder of Hidden Road, plans to leave the institutional brokerage business at the end of 2026, approximately 14 months after Ripple completed its $1.25 billion acquisition.
Noel Kimmel, already serving as president and senior vice president of Ripple Prime, will assume leadership of the business and its team within Ripple. A company spokesperson confirmed the transition on November 10, saying Asch intends to pursue new opportunities.
The departure marks another stage in Ripple's transformation from a cryptocurrency payments company into a broader financial infrastructure provider. Its official leadership roster identifies Kimmel among executives overseeing the company's institutional operations.
Ripple Prime Leadership Changes After $1.25B Hidden Road Acquisition
Asch founded Hidden Road in 2018, building a prime brokerage business serving institutional investors across digital assets, foreign exchange, derivatives and fixed income.
Ripple announced its $1.25 billion acquisition in April 2025 and completed the transaction on October 24 that year, rebranding the business Ripple Prime.
The acquisition provided Ripple with established institutional clearing and financing capabilities rather than requiring the company to construct a brokerage operation from scratch.
Since then, Ripple Prime has expanded into leveraged ETF financing, an institutional market traditionally dominated by major Wall Street banks.
The business handles more than $3 trillion in annual clearing volume and serves over 300 institutional customers, according to Ripple's previously disclosed operating figures.
Kimmel was already deeply involved in this expansion. He previously represented Ripple Prime in its $200 million financing agreement, designed to increase institutional margin capacity.
Noel Kimmel Inherits a Growing Institutional Brokerage
Kimmel takes over as Ripple Prime expands its presence in traditional financial markets while integrating cryptocurrency infrastructure into institutional trading services.
In August, Ripple Prime completed a $275 million senior unsecured notes offering, which received a BBB investment-grade rating from KBRA. The financing supported working capital and the expansion of its US brokerage operations.
That followed the launch of its Delta One business, introducing equity-linked derivatives and financing products for institutional investors.
More recently, Ripple expanded its relationship with Brevan Howard, the investment manager overseeing approximately $35 billion in assets.
The Brevan Howard agreement covers multi-asset prime brokerage, clearing and financing, demonstrating the company's growing presence beyond cryptocurrency trading.
However, the leadership announcement does not indicate that Ripple Prime is changing its trading strategy, client agreements or product offerings.
What Does the Leadership Change Mean for XRP and RLUSD?
Ripple Prime's expansion could create additional opportunities for XRP and Ripple's dollar-backed stablecoin, RLUSD, although brokerage growth does not automatically translate into cryptocurrency demand.
Ripple has already confirmed that RLUSD serves as collateral for certain prime brokerage products. The company is also exploring how digital assets can support margin financing, liquidity management and institutional settlement.
Earlier proposals involving XRP collateral and lending demonstrated Ripple's interest in expanding the asset's financial utility beyond cross-border transfers.
