Wednesday, October 20, 2021

Tractor Supply to accept Litecoin as a form of payment

Updated 3:10 p.m. Jan. 20 with more details.

Maybe it’s time to consider a new approach to Christmas shopping.

Shares of Tractor Supply jumped Tuesday after the discount retailer said it would accept Litecoin as payment in stores starting Feb. 28.

One of the most buzzed-about coins from last year’s technology “trend,” Litecoin gained popularity for its lower transaction fees than bitcoin and its relatively limited supply, which results in higher prices.

Tractor Supply said it plans to accept Litecoin as a method of payment for “select items.” “Tractor Supply is committed to meeting the evolving needs of our customers and sharing best practices with the industry. This partnership with Litecoin allows us to become the first mainstream retailer to be transparent about the payment options available in their stores,” said Brad Lukow, senior vice president and general manager of the Tractor Supply Company’s Caring for Local division.

The Federal Reserve is exploring a regulatory framework for virtual currencies. Tractor Supply spokesman Bobby Jones said the company will provide more details about Litecoin acceptance in its next quarterly update.

Shares of Tractor Supply Corp. rose 5.7 percent to $110.59 on the news. The San Antonio-based chain has about 585 stores across 40 states, with roughly 1,000 employees. The company earned $1.4 billion, or $6.22 per share, in fiscal year 2017, and has a market value of about $9.96 billion.

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