Big Brands Go for Crypto as Toys “R” Us Goes Out of Business

GameStop, the world’s largest video game retailer with over 6,000 stores across the United States, Canada, Australia, New Zealand and Europe, offers options for customers who want to make in-game purchases or pay for games online using cryptocurrency. With digital downloads driving the video game market, GameStop is one of over 250 nationally known brands available on eGifter, a gift card service that allows consumers to buy premium branded gift cards that can be sent by email, text or snail mail. It has the largest brand selection of gift cards that can be purchased with Bitcoin. The service also allows transactions in Bitcoin Cash. 

GameStop gift cards are also available on Gyft, a digital gift card platform where you can buy, send and redeem gift cards from any device. Gyft, launched in 2012 and a finalist at TechCrunch Disrupt SF, was one of the first such platforms to accept Bitcoin.

GameStop is seeking to pivot and maintain relevance by allowing its core demographic of crypto-loving GenZer’s and Millennials to spend their Bitcoin and Bitcoin Cash. Plans to diversify their business were made clear in August, 2016, when GameStop’s Technology Brands acquired 507 AT&T-branded locations. The move was reportedly designed to make the gaming retailer less dependent on the video game market.

Rakuten, Japan’s largest online e-commerce retailer, recently announced major plans to develop a branded cryptocurrency to suit its young base of digital consumers.

Goodbye Toys “R” Us. As more retailers face heat from Amazon and other online competitors, a solid diversification plan will not only include acquisition strategies but also more payment options for customers who hold Bitcoin, Bitcoin Cash, Litecoin, Ripple, IOTA and other cryptocurrencies.