Jesus Christ purchased us with his blood - parties involved According to these verses and others, God/Jesus purchased/redeemed us with his blood


  Revelation 5:9
  
  And they sung a new song, saying, Thou art worthy to take the book,
  and to open the seals thereof: for thou wast slain, and hast redeemed
  us to God by thy blood out of every kindred, and tongue, and people,
  and nation;
  
  Acts 20:28
  
  Keep watch over yourselves and all the flock of which the Holy Spirit
  has made you overseers. Be shepherds of the church of God, which he
  bought with his own blood


Who was the receiving party -  I mean the blood?
This seems to be a misunderstanding of terms on your part.  

Remember first that our English translations often miss nuances in translation.  Words carry different meanings.  These phrases are generally understood to mean that Jesus paid the price for our sins.  That can certainly connote the idea of a purchase in the normal sense, as in "I paid for my groceries".  However, it's generally understood in the same sense as a criminal paying the price for his crimes, as in going to jail, being executed, etc.

Unless I'm mistaken (and I'd be interested to see references that say otherwise) there isn't any major group in Christianity that actually views these as speaking as a transaction with a buyer and a seller.  

Rather, it's an expression of the fact that there is a price attached to sin.  It's a price we sinners can never pay, and since we can't, Christ paid it for us.