This compound is primarily used in asymmetric catalysis, particularly in hydrogenation reactions. It is highly effective in facilitating the enantioselective reduction of various substrates, making it valuable in the synthesis of chiral molecules. Its application is crucial in the pharmaceutical industry, where it aids in producing enantiomerically pure drugs. Additionally, it is employed in fine chemical synthesis for creating complex organic compounds with high stereochemical control. The compound's unique structure and properties make it a versatile catalyst in organic chemistry research and industrial processes.