This compound is primarily utilized in the field of asymmetric synthesis and catalysis. It serves as a chiral ligand or catalyst in various organic reactions, particularly in the synthesis of enantiomerically pure compounds. Its structure, featuring a binaphthyl backbone, makes it highly effective in inducing chirality in products, which is crucial for the production of pharmaceuticals and fine chemicals. Additionally, it is employed in the development of novel materials and in the study of chiral recognition processes, aiding in the advancement of stereoselective transformations. Its application extends to the optimization of reaction conditions to achieve higher yields and selectivity in complex organic syntheses.