Used as a chiral ligand in asymmetric synthesis, particularly in catalytic reactions such as hydrogenation and carbon-carbon bond formation. It plays a crucial role in producing enantiomerically pure compounds, which are essential in pharmaceuticals and fine chemicals. Its unique binaphthyl structure provides excellent stereocontrol, making it valuable in creating complex molecules with high optical purity. Additionally, it is employed in the development of chiral catalysts and materials for advanced organic transformations.