The Velvet 5G UW is the Verizon version of this LG premium mid-ranger. It was announced and released in 2020, and is now receiving the major software update that upgrades the phone to Android 11. It comes with new features such as conversation bubbles, Nearby Share and Focus Mode, and also raises the security patch level to that of March 2021.
https://www.notebookcheck.net/Android-11-finally-hits-the-LG-Velvet-5G-UW-in-the-US.531795.0.html