This compound is primarily utilized in the field of asymmetric catalysis, particularly in enantioselective synthesis. Its chiral binaphthol structure makes it highly effective as a ligand in metal-catalyzed reactions, enabling the production of optically active compounds. It is often employed in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals where precise stereochemistry is crucial. Additionally, its anthracenyl groups enhance its ability to interact with substrates, improving selectivity and efficiency in catalytic processes. Its application is also explored in materials science for designing chiral polymers or supramolecular assemblies with specific optical properties.