Used as a catalyst in cross-coupling reactions, particularly in carbon–carbon bond formation processes such as Suzuki–Miyaura and Negishi couplings. It facilitates reactions under mild conditions with high selectivity, especially in the synthesis of pharmaceuticals and fine chemicals. Its phosphine ligand structure enhances stability and catalytic activity, making it effective for transformations involving aryl and heteroaryl substrates. Also employed in academic research for developing new cobalt-catalyzed reactions due to its unique reactivity profile compared to precious metal catalysts.