This chemical is primarily utilized as a chiral ligand in asymmetric catalysis, particularly in transition metal-catalyzed reactions. It plays a crucial role in facilitating enantioselective transformations, such as hydrogenation, carbon-carbon bond formation, and other organic synthesis processes. Its binaphthyl backbone and phosphine groups enhance its ability to induce high enantioselectivity, making it valuable in the production of pharmaceuticals, fine chemicals, and agrochemicals where precise stereochemistry is essential. Additionally, its stability and efficiency in catalytic systems contribute to its use in research and industrial applications aimed at developing novel chiral compounds.