Ripple Prime head to step down one year after acquisition

Marc Asch, who has led XRP issuer Ripple’s institutional prime brokerage unit Ripple Prime, plans to step down at the end of this year, CoinDesk reported. Noel Kimmel, Ripple Prime’s senior vice president, has been appointed as his successor. Asch founded Hidden Road in 2018 to provide prime brokerage services to crypto hedge funds. Ripple acquired the company for $1.25 billion in October last year and renamed it Ripple Prime. Ripple Prime provides prime brokerage, clearing and financing services to institutional clients across traditional financial markets including digital assets, foreign exchange and derivatives.