This chemical is primarily used as a chiral ligand in asymmetric synthesis, particularly in catalytic reactions where enantioselectivity is crucial. It is often employed in transition metal-catalyzed processes, such as hydrogenation, carbon-carbon bond formation, and other transformations where high enantiomeric purity is desired. Its rigid binaphthalene backbone and methoxy groups enhance its ability to induce chirality in the resulting products. Additionally, it finds application in the synthesis of pharmaceuticals, fine chemicals, and advanced materials, where controlling the stereochemistry of the final product is essential for achieving the desired biological or physical properties.