Widely used as a chiral ligand in asymmetric catalysis, this compound plays a key role in enantioselective transformations such as hydrogenation, carbon-carbon bond formation, and allylic alkylation reactions. Its rigid binaphthyl backbone provides excellent stereocontrol, making it valuable in the synthesis of optically active pharmaceuticals and fine chemicals. It is especially effective in transition metal-catalyzed reactions where high enantioselectivity is required. The phosphorus center readily coordinates to metals like rhodium, ruthenium, and palladium, forming catalytically active complexes used in industrial and academic research settings.