Version is JIRA's equivalent of releases. When you see the "release" action, it is done on the JIRA version.
A project admin can create the versions. Users will see those versions in their scrum boards and while editing a story.
You can also create a release and move the stories to it directly from a Kanban board.
Thank you Jobin.
I was able to create version and move the stories to each of the versions
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