This compound is primarily utilized in the field of catalysis, where it serves as a precursor for various platinum-based catalysts. These catalysts are essential in organic synthesis, particularly in hydrogenation and oxidation reactions, which are crucial for producing pharmaceuticals, fine chemicals, and industrial intermediates. Additionally, it is employed in the development of platinum complexes for cancer treatment, specifically in chemotherapy drugs, where it helps in targeting and inhibiting the growth of cancer cells. Its stability and reactivity make it a valuable component in both industrial and medical applications.