This compound is primarily utilized as a catalyst in organic synthesis, particularly in reactions involving the formation of carbon-carbon and carbon-heteroatom bonds. Its structure makes it effective in facilitating various coupling reactions, such as Suzuki-Miyaura and Heck reactions, which are crucial in the production of pharmaceuticals and fine chemicals. Additionally, it is employed in the synthesis of ionic liquids, which are used as solvents or electrolytes in green chemistry applications. Its stability and reactivity also make it suitable for use in polymerization processes, contributing to the development of advanced materials.