This compound is widely used as a chiral ligand in asymmetric synthesis, particularly in catalytic reactions where enantioselectivity is crucial. It is often employed in transition metal-catalyzed processes, such as hydrogenation, carbon-carbon bond formation, and oxidation reactions, to produce chiral molecules with high enantiomeric purity. Its rigid binaphthyl structure provides excellent steric and electronic control, making it a valuable tool in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals. Additionally, it serves as a key component in chiral catalysts and reagents, enabling the production of optically active compounds in industrial and academic research settings.