This chemical is primarily used in catalysis, particularly in organic synthesis and cross-coupling reactions. It serves as a precursor for platinum-based catalysts, enabling efficient transformations in the production of pharmaceuticals, fine chemicals, and advanced materials. Its unique structure allows for selective activation of chemical bonds, making it valuable in processes like hydrogenation, carbon-carbon bond formation, and polymerization. Additionally, it is employed in research and development for exploring new catalytic pathways and improving reaction efficiencies in industrial applications.