The Crimson Blitz is one of Lightning's unlockable weapons, and appears intact as it was during the opening of Lightning Returns: Final Fantasy XIII. It can be obtained either by random chance when redeeming a Treasure token, or by purchasing them from the Shop for 7,200 gil. Having it equipped carries no advantages or disadvantages.
In the Story Mode for the PlayStation 4 version, Lightning is seen wielding this weapon over her standard Blazefire Saber. This is likely due to the fact that when Lightning is summoned into World B by Materia, it was during the events of Lightning Returns: Final Fantasy XIII as opposed to her base game.