This compound is primarily utilized as a chiral ligand in asymmetric synthesis, particularly in catalytic reactions where high enantioselectivity is required. It is often employed in transition metal-catalyzed processes, such as hydrogenation, carbon-carbon bond formation, and other transformations where controlling the stereochemistry of the product is critical. Its rigid binaphthyl backbone and methoxy substituents enhance its ability to induce chirality, making it valuable in the production of pharmaceuticals, fine chemicals, and agrochemicals. Additionally, it is used in the development of chiral catalysts and materials for applications in organic electronics and advanced materials science.