Correct!

In Him (in Jesus) we have redemption* through His blood, the forgiveness of our trespasses, according to the riches of His grace, Ephesians 1:7 (NAS)

Although we deserve the punishment for our sin, Jesus died in our place.  As a result, those who are "in Him" have redemption and forgiveness of sins.

To read more about Jesus' death by crucifixion (being killed on a cross), click here.

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