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If you'd like to connect a USB-host-capable chip to your USB peripheral, this cable will make the task very simple. There is no converter chip in this cable! It's basically a plain USB cable that's cut in half and with jumper sockets on the power and data lines. Simple to use, does the job when you have something that exposes the D+/D- pins.
Remember, this has no USB-Serial converter inside it! It's for direct connection to a USB interface, only.