Is Nexo built on Ethereum?

Could you please clarify for me whether Nexo is indeed constructed on the Ethereum blockchain? I've been hearing a lot about Nexo recently and am interested in understanding its technological foundation. Is it leveraging the security and scalability features of Ethereum? Or does it operate independently of Ethereum's ecosystem? I'm trying to get a grasp of the relationship between Nexo and Ethereum, so your insights would be greatly appreciated. Thank you for your time and assistance in answering my question.