"Mt 26:27-30. The cup. Three cups were passed around by the Jewish householder during the Passover meal; the third, which is probably that referred to here, being known as "the cup of blessing." My blood of the new Testament taken from the LXX of Exodus 24:8 with allusions to Jeremiah 31 and Zechariah 9:11. The covenant in Exodus 24:8 was sealed with blood. The word testament (Gr diathe ke) did not mean a covenant, which is an agreement between equals, but a settlement by a great or rich man for the benefit of another. As the most common form of settlement was, and still is, by testament or will, the word came to have this meaning almost exclusively. Shed for many for the remission of sins. Here is a clear statement that the death of Jesus was necessary to enable God to forgive sins. It, in fact, made it right or morally justifiable for Him to do so. That day, i.e., when He comes again in glory."

King James Version Bible Commentary, p. 1227